Financial Times , 1986, UK, English

FINANCIAL TI

No. 29,860

EUROPE’S BUSINESS NEWSPAPER

Thursday February 20 1986

Volcker says $ has

Iraqi jets Rockwell «

try to halt buys Valeo fallen dlOllgh,

Iranian truck and • . •

offensive axie unit warns on inflation

Iran said its troops were continuing
their advance westward into south-
ern Iraq while Iraqi warplanes re-
sumed air strikes after bad weather
to stem the 10-day-old offensive.

Tehran Radio said Ir anian troops
were moving towards Umm Qasr
and had cut off Iraq's access to the
sea.

Iraq said its aircraft had hit an
Iranian naval base on the Gulf and
oil installations at Ganaveh.

Beirut captives freed

Three Spanish embassy officials
were freed in Beirut after being
held for four weeks by kidnappers
who demanded the release of two
Moslems jailed in Madrid.

Landmine kills

A landmine exploded under an ar-
my-escorted civ ilian convoy in
north-eastern Sri Lanka, killing at
least 31 farmers and four soldiers
and injuring 30 others. At the same
time the Government said it had
foiled a plot by Tamil separatists
for a rash of bombings in Colombo,
the capitaL Page 5

Haiti foreclosure

The interim Government in Haiti
said it would annul all financial
transactions by the deposed regime
of Jean-Qaude Duvafier over the
past six months seize his per-
sonal property, including mansions,
cars and yachts. Page 4

N-plant safety check

Political protest mounted in Britain
about the second nuclear leak in a
month from the Sellafieki nuclear
processing plant in Cumbria, north-
west England. Government inspec-
tors are expected to take six weeks
to complete an investigation. Page 9

Emissions monitor

The Vest German-state cf Saarland,
said it would spend Sl.lm on a pro-
gramme to monitor radioactive
emissions from the new Cjrttpnnm
nuclear power plant in France.

Pope greets Gemayel

Pope John Paul interrupted a Len-
ten spiritual retreat to grant an au-
dience to Lebanese President Amin
Gemayel at the Vatican.

Aid to El Salvador

Israel said it would increase aid to
El Salvador now that the Central
American country has appointed an
ambassador to the disputed capital
of Jerusalem.

Extradition approved

A US appeals court approved the
extradition to the UK of William
Quinn, held without bail since 1981
on charges of conspiring with IRA
members in a letter-bomb plot

Iceland polarisation

Iceland's 60 00- member trade
union federation threatened to
strike if demands for 8 per cent
wage rises were not met by the
weekend. Prime Minister Steingri-
mur Hermannsson repeated his
threat to resign if the unions persist
in their demands.

Mine tragedies

Four miners were rescued but three
were known killed and eight more
missing after a shaft collapsed at a
coal mine in southern Hungary.

Clashes in Punjab

Police fired on Sikhs and Hindus
who clashed at Batala, in India's
Punjab state. At least six people
were killed and a dozen wounded.

Nobel nominees

Rock musician Bob Geldof, who
spearheaded famine relief, and
South African black nationalists
Nelson and Winnie Mandela are
among 85 nominees for the 1686
Nobel Peace Prize.

VALEO, French motor component
group, is selling its loss-making
truck and heavy vehicle axle busi-
nesses to Rockwell International,
US aerospace, car components and
electronics concern, in a move
which will virtually complete the
Fre n c h group's recent sweeping
restructuring.

Valeo said it had signed a preli-
minary sale agreement with Rock-
well which will buy the axle busi-
nesses of the French group's Soma
subsidiary, whose operations lost
FFr 150m ($21.18m) last year.
Page 19

I Mb UxKlon voife I

BY STEWART FLEMING AND PAUL TAYLOR IN WASHINGTON

DOLLAR closed in New York at D
2.3100; SFr 1.3150; FFr 7.0000 and
Y180.50. It fell in London, closing at
DM 2.304 (DM 2.343), SFr 1.9055
(SFr 1.938), FFr 7.05 (FFr 7.195) and
Y179.25 (Y181.05). The exchange-
rate index, according to the Ra nk of
England, feStolll.O from 120.2.
Page 33

STERLING closed in New York at
S1.4535. It gained 2125 cents against
the dollar in London to $1.4505. It
was also firmer at Y260.0 (Y258J>)
but fell to DM 3.3425 (DM 3.345),
SFr 2.765 (SFr 2.7675) and FFr
10.225 (FFr 10.275). The pound’s ex-
change-rate index rose 0.5 to 74JL
Page 33

GOLD-rose SSJSon the London hul- |
lion market to $342.25 and was $4^5
higher in Zurich at $341.50. In New
York the Comex April settlement
was $330.00. Page 32

WALL STREET; The Dow Jones in-
dustrial average closed down 20.52
at 1^5826. Page 40

LONDON fell back after an early
upsurge lost momentum. The FT
Ordinary index closed OR up at
1,235.1, and the FT-SE 100 closed 0.5
off at 1,491.4. Page 40

TOKYO rose in record turnover as
speculative funds shifted to domes-
tic demand-related issues. The Nik-
kei average dosed 30-42 h ig h e r at j
13,466.65. Page 40

BANKERS TRUST, the US money
centre bank, has been ordered by a
federal court to stop distributing
commercial paper by March 1
unless it is successful in its appeal
against a court ruling that the prac-
tice violates federal law. Page 4
DIAMOND market uncertainty in
Antwerp because of a tax fraud in-
vestigation involving Kirschen
Roger, a stockbroker with offices in
the gem-trading quarter, is likely to
have reduced Belgian export reve-
nue from diamonds by about 25 per
cent this month, said Marc van den
Abeleen, general manager of the
Diamond High Council. Page 32
HANSON TRUST, UK industrial
holding company, said it would not
increase its £2_3bn (S3 .36 bn) take-
over bid for Imperial Group despite
the emergence of a rival, higher
offer from United Biscuits. Lex,
Page 18

WESTLAND chairman Sir John
Cuckney named the six mystery bu-
.yers who helped swing last week's
crucial shareholders' vote on the fu-
ture of the UK helicopter group. He
said, however, that it was unclear ;
whether the six were the beneficial :
owners. The buyers were: Actraint
No 34 Proprietary Ltd of Canberra
(4.9 per cent), Glyns and Sterling
Trust of Geneva (4J%), Rothschilds
of Zurich (4.4%), Dreyfus of Switzer-
land (3.7%), Golf and Occidental of
Geneva (1.4%) and Inverstat for an- ,
other company called Dreyfus '
(W).

UR PAUL VOLCKER, the US Fed-
eral Reserve Board chairman, took
issue yesterday with Reagan Ad-
ministration officials who are call-
ing for farther falls in the value of
the dollar, telling a congressional
committee that the US currency
has “fallen enough"

Mr Volcker made dear that the
US should now be ex ercis in g cau-
tion and patience in tabuing the
problems presented by its huge
$150bn trade deficit.

This followed the call cm Tuesday
by Mr James Baker, US Treasury
Secretary, for a further orderly de-
valuation of the dollar, and with Mr
Clayton Yeutter, US Trade Repre-
sentative, saying again that a big-
ger decline in the dollar is needed.

“Economic history is replete with
examples of countries that, in at-
tempting to correct over-valuation
of their currencies, failed to take
advantage of their improved com-
petitive positions... (and) lapsed in-
to a dphiii+flHng self -defeating

cycle of external depreciation and
in fer nal inflatio n * Mr Volcker said.

Even as he spoke, the dollar
plunged again in the wake of com-
ments by Mr Baker, denying that
there was any “fundamental dis-
agreement" between the Fed and
the Treasury on interest rates. On
Tuesday, Mr Baker's call for a fur-
ther orderly decline in the dollar al-
so sent tiie US currency sliding.

But Mr Volckeris retort on the
dollar sparked a sharp reaction. *T

GROWTH FOR MONETARY
AND CREDIT AGGREGATES

1985-1986
HI 3 to 8

■2 6 to 9

118 6 to 9

DeM Stoll

1984-1985
3 to 8*t
6 to 9
6 to 9£
9to12

* Fount? Quarter ro fourth au3n&
t Applied to period from second to taurth
paartet
Source. Fed

think it has fallen enough; it’s fallen
quite a lot I do not think it is any-'
thing we are interested in forcing,”
be said. The US currency, which
had slumped to DM 229 after Mr
Baker’s comments, rebounded to
DM 2.32.

The Fed chairman's judgments
yesterday on the economic outlook,
on monetary policy and on the dol-
lar all suggested that Mr Volcker
feels strongly that the central bank
should not be trying aggressively to
ease interest rates lower. Instead it
should be focusing on the “perva-
sive inflationary threats” inherent
in a "sharp depredation of the ex-
ternal value of a currency. There
has been no occasion for significant
change in the degree of pressure on
bank reserve positions,' Mr Volcker
said, describing the current g t a t n n
of monetary policy.

He placed heavy emphasis on the
contribution which fester economic
growth in other industrial countries

Markets weigh conflicting signals

BY GEORGE GRAHAM IN LONDON

THE DOLLAR remained weak in
Europe and the Far East yesterday
before a recovery in the wake of the
warning from Mr Paul Volcker,
fhalr maw of the Federal Reserve,
that its depredation might spur in-
flation in the US.

In the foreign exchange markets,
the dollar fluctuated as traders
weighed Mr Volcker’s comments
against apparently contradictory
remarks from Mr James Baker, the
US Treasury Secretary. Statements
from the two officials - giving testi-
mony at the same time to two dif-
ferent congressional committees -
flashed up on dealing screens in
quick succession, pushing the dollar
up and down against the yen and
leading European currencies.

“It is like playing Russian rou-
lette, waiting for the next statement
1 to come up," said a dealer at one
London bank.

The dollar dipped atone stage to
Y177.20, but recovered to close in
London at Y179.25, above yester-
day's New York dosing' leveL It lost
nearly 4 pfennigs against the D-
Mark during the day, rf/vang at DM
2.3040. Against sterling, the dollar
ended at $1.4505, compared with
$1.4280 at the previous day's close.

The dollar’s decline is now begin-
ning to cause concern among Euro-
pean governments. Its effective ex-
change rate has fallen by 15 per
cent since last September’s meeting
of the Group of Five finance minis-
ters in New York agreed to act to-
gether to bring it down.

The extent c£ the faS is now
beginning to hurt some European
manufacturers, whose profit mar-
gins on exports have been eliminat-
ed. Some central bankers are also
worried that it might cause a resilr-

Pretoria faces debts pressure

BY PETER MONTAGNON, EUROMARKETS CORRESPONDENT, IN LONDON

SOUTH AFRICA will face pressure
from its main creditor banks to step
up repayment of debt frozen under
last summer's moratorium, at a
fresh round of rescheduling talks
due to be held in London today.

Proposals drawn up last week by
Dr Fritz Leutwiler, the Swiss medi-
ator between Pretoria and its credi-
tors, to put South Africa’s debt back
on an orderly footing have met
broad support in principle from cre-
ditors. But many say its provision
for repayments during the coming
year is still too limited.

Further meetings may therefore
be needed before full agreement
can be readied on ways to put the
country’s $24bn foreign debt on an
orderly footing, senior bankers
said-

The Leutwiler plan calls for a fur-
ther year's breathing space for
South Africa during which no more
than 5 per cent of the frozen debt
would be repaid.

The plan assumes that South
Africa will have a current account
balance of payments surplus of only
SUita this year. But bank creditors
say falling oil prices and rising gold
prices could boost it way above this
figure.

Some bankers now feel the sur-

plus could even exceed $3bn which
would allow the country to repay
much more than 5 per cent of the
frozen debL

None tiie less, they welcomed the
Leutwiler plan. “These are wor-
kable proposals, but probably we
can make them a bit better," one
leading creditor said yesterday.

One possible outcome of today’s
meeting could, therefore, be the es-
tablishment of a technical commit-
tee to refine the proposals. How-
ever, this would depend on the
stance taken by Dr Leutwiler him-
self as well as that of Dr Chris
Stals, director-general of the South
African Reserve Bank, who win
also attend the talks.

Dr Leutwiler has previously said
he would present the proposals on a
"take-ft-or-leave-it? basis, and it is
not dear how far he is prepared to
see them modified. Also unknown
is the stance of the South African
Government

Bankers say the proposals are es-
sentially an interim solution to
South Africa's debt problem ahead
of a full review of its economic and
political situation early next year.

This will keep up pressure on
South Africa to implement political
reforms but, paradoxically, some

CONTENTS

Europe. 2,3

Companies 19

America... 4

Companies ....... 19, 2D

Overseas 5

Companies 21

World Trade 8

Britain 9-11

Companies .... 24,26-28

Agriculture 32

Appointments 29

Appointments advertising . . 23, I-X

Arts - Reviews 14

- World Guide 14

BusinessLaw 29

Commodities....... 33

Crossword 29

Currencies

Editorial comment. . .

Eurobonds

Euro-options

Financial Futures ■ ■ ■

Gold

Inti. Capital Markets.

Letters

Lex

Lombard 17

Management 12

Market Monitors 40

Men and Matters 10

Money Markets 33

Raw materials 32

Stock markets- Bourses -••• 37,40
-Wall Street . 37-40
-London.. 34-37.40

Technology 13

Unit Trusts 29-31

Weather U

Grenada: victor’s laurels
await Reagan 4

Philippines: Marcos’s busi-
ness cronies 5

World car market: US sales
of imports at peak 8

Management: takeover bid
advertising 12

Technology: changes in Rolls
Royce efficiency 13

US multinationals: their im-
pact in Britain 16

Editorial comment: the dollar;
industrial innovation 16

Lombard: who put the crisis
in debt 17

Economic Viewpoint: taking
tips from West Germany . 17

Lex: Elders; Lonrho; London
SE; US dollar 18

Tension mounts during
search for

Israeli soldiers, Page 5

8523 B

could make to correcting the US
trade balance.. He suggested that
Japan should hiw further mea-
sures to stimulate stronger domesti-
cally-generated growth . He hinted,
too, at a continuing need for faster
growth in fkixope, saying expansion
there is not producing significant
declines in unemployment.

Mr Baker also called yesterday
for European countries to "lead the
charge* to lower international inter-
est rates.

Mr Baker also made dear that be
does not want to run inflationary
risks. Comments by Treasury offi-
cials suggest, however, that they
feel the risks of either a plunge in
the dollar's value or the re-igniting
of inflation to be l ess ftan Mr
Volcker judges them, particularly
in the light of the plunge in oil
prices.

Mr Volcker painted an optimistic
picture of the outlook for economic
growth this year, which also sug-
gests be is in no hurry to see the
Fed drive interest rates down. He
pointed out, however, that. offset-
ting the g enerally favourable ef-
fects of lower oil prices are the "un-
certainties and stresses" they
create for sectors of the US econo-
my, financial institutions, and some
developing nations.

Continued on Page 18

Details, Page 4; Editorial comment,

Page 16; Lex, P8ge 18; Wall Street
reaction, Page 48

gence of US inflation, with unfavou-
rable repercussions for the world
economy.

A 10 per cent fell in the dollar is
to increase US inflation
by around 1J> per cent over tiro
years, according to London stock-
brokers James CapeL

Japanese officials are also wor-
ried about the dollar’s movement,
but have publicly disagreed over
what action to take. Mr Noboru Ta-
keshi ta, the Finance Minister, and
Mr Michio Watanabe, the Trade
Minister, yesterday called for a
swift cut in official Japanese inter-
est rates to stem the yen’s rise.' But
Mr Satoshi Sumita, Governor of the
Bank of Japan, apparently ruled
out any immediate reduction.

Impact on Japan’s exporters.

Page 18; Homey markets, Page 33

bankers argue they would prefer
not to return to the negotiating
table quite so quickly.

One worry is that US hanks,
which have came under strong
pressure from shareholder and cus-
tomer lobby groups to pull out of
South African deals, would again be
caught in the political crossfire in
the run-up to annual meetings on
their 1988 results.

So uth Africa's three l H*** i "E anti-
g o ve nunen t Buhn p

Desmond Tutu, the Rev Allan Boe-
sak and Dr Beyers Nande - called
on bank creditors to reject the
Leutwiler proposals.

But although they remain acutely
sensitive to the political back-
ground to South Africa's financial'
problems, bankers say they also
need to instil some order into the
confusion that has prevailed since
the moratorium was announced at
the end of August

From a taohnfaai standpoint the
Leutwiler plan .addresses several
important banking issues, they add.
It establishes the principle of some
repayment quickly; offers realistic
interest rates; and it avoids the
temptation of lumping all the fro-
zen debt- medium and tang-tenn-
in one basket

Marcos
plays his
Russian
card

By Chria O hfowl l and Samuel
Senoran in Manfla

THE Soviet Union and the Euro-
pean Community were dragged into
the post-election crisis over the
Philippines presidency yesterday
as opposition challenger Mrs Coraz-
6n Aquino summoned EEC
ambassadors for talk* and Presi-
dent Ferdinand Marcos played a
Russian card against the US.

The diplomatic wrangles as
bankers and economists said the
Government could not possibly |
meet the monetary targets agreed i
with the International Monetary !
Fund for the current quarter, a de-
velopment which will further delay-
the depressed economy's recovery.

They also followed reports from !
Washington that the US l»w
warned . Mr Marcos that it could
halt aid to the Philippines unless he
shares power wife his o p p o nen t s .

Rf agan Ariminis fan tiwi officials are

said to believe Mr Marcos would
serve US interests best if he left of-
fice.

Mr Marcos yesterday conspicu-
ously received the credentials of the
new Soviet ambassador to Manila.
Apparently referring to the US, he
pointedly warned against "foreign
intervention” and mM he would
seek increased trade with the So-
viet Union. Moscow has in recent
months sought closer commercial
with Manila

Mrs Aquino is to meet EEC am-
bassadors today, evidently to urge
them not to semi rep r esentatives to
Mr Marcos’s inauguration, which is
tentatively scheduled for next Tues-
day. The Vatican's ambassador is
already expected to snub the cere-
mony.

West Germany and Spain have,
meanwhile, recalled their ambas-
sadors for consultations, and two
others are thought to be under pres-
sure to return. The Philippines For-
eign Ministry yesterday refused to
receive an EEC joint statement ex-
pressing “deep concern" at develop-
ments in the Philippines.

Mr Marcos has repeated that he
is ready to use the full force of the
law to .oocfiun Mrs "Aquino’s civil
disobedience campaign especially
if a strike planned for the day after
this inauguration paralyses trans-
port and public utilities.

Mrs Aquino, taking her protest
outside the capital for the first time
since the election, yesterday told
tens of t hou sa nd s of supporters
near the US air base at Claric Field
that the three-dayokl boycott o£
government banks, newspapers and
San Miguel, a Marcos-linked com-
pany, was working wdL

Alt houg h the Aquino has
mixed assessments of the US posi-
Gontinued on Page 18 j

Marcos's business cronies, Page 5 I

Hussein cuts
links with
PLO leaders

BY ROGER MATTHEWS IN AMMAN

KING HUSSEIN of Jordan an-
nounced last night that he had
severed relations with the leader-
ship of fee Palestine liberation Or-
ganisation (PLO) and had aban-
doned his latest quest for a Middle
East peace settlement

At the end of a three-hour televi-
sion broadcast the King declared:
“After two long attempts, I and the
Government of the Hashemite
Kingdom cf Jordan hereby an-
nounce that we are unable to con-
tinue to co-ordinate politically with
fee PLO leadership until such time
as their word becomes their bond,
characte r ised by commitment, cred-
ibility and constancy.”

The bitterness of fee King's
words underlines fee depth of his
disappointment at the role played
by Mr Yassir Arafat, the FLO chair-
man, and is certain to create fresh
tensions within the already-divided
PLO, within Jordan where over half
the population is Palestinian, and in '
inter-Arab relations.

The Jordanian decision "to end
another chapter in fee search for
peace," as King Hussein put it, is al-
so a serious blow to Western and
moderate Arab nations. They had
seen the King’s efforts as perhaps
one of the last opportunities for a
negotiated settlement to fee issue
of the West R»nir and Gaza territo-
ries occupied by Israel in 1967.

TTmg Hussein claimed that the re-
fusal of the PLO leadership to con-
tinue with the peace process -
launched jointly by them on Febru-
ary 11 last year - had been made
despite a significant change in the
US position in favour of the PLO.

He said fee US had agreed to in-
vite the PLO to an international
peace conference if tiie Palestinians
accepted UN Security Council reso-
lution 242. Acceptance of this reso-
lution would mean fee PLO's recog-
nition of Israel’s right to exist in
peace behind its p re-1967 borders.
The US had agreed earlier to talk
directly to the PLO once it accepted
the resolution.

If King Hussein's claim is sub-
stantiated by Washington it would
amount to a significant policy shift
in tiie US. Any signs of closer con-
tact between the PLO and the US
would seriously strain relations be-
tween Washington and Jerusalem.

Even the prospect of direct talks
between tiie US and the PLO would
seriously strain relations between
Jerusalem and Washington. Mr Shi-
mon Peres, the Israeli Prime Minis-
ter, reiterated in London last month
his refusal ever to sit down and ne-
gotiate directly with the PLO.

Continued on Page 18

Hunt for Israeli soldiers, Page 5

BL executive plans
Land Rover buyout

BY KENNETH GOODING IN LONDON

MR DAVID ANDREWS, the BL ex-
ecutive director responsible for the
fmwwwiiit v ehicles division, has
formed a consortium which will at-
tempt to raise financial backing for
B wmwgwripwt buy-out Of Tjind
Hover UK.

The Mniiir i hini , which includes
five senior Land Rover managers,
must put together firm proposals by
March 4 - the deadline set by the
BL board with UK Government ap-
proval which the consortium might
not be ahle to meet

However, if a package can be put
together fee consortium will argue
that its deal has two important ben-
efits over the sale to General Mo-
tors (GM), which is considering
buying both Land Rover and fee
Leyiand Tracks business.

Krst, it offers the chance of keep-
ing Land Rover in British owner-
ship. something tiie Government’
has been under pressure to consid-

er, even from Conservative Party
back-benchers.

The consortium's plan would also
eventually give employees a chance
to invest in their company because,
although there is not enough time
initially to prepare Land Rover for
flotation on fee stock market, that
would be the consortium's ultimate
objective.

So far the Government has
seemed to favour the GM proposals
because they present the chance to
sell about half state-owned BL in
one chunk. And GM has indicated it
would not be interested in the truck
operations without Land Rover.

However, in the past few days an-
other, so far unnamed foreign
group, has expressed an interest in
Lejdand Trucks as a separate busi-
ness and might come forward wife
a firm offer.

There are also several other com-

Continued on Page 18

.^•V.W.V«V.%%V.V.V«V*V*V.V.V#V.V.V«V.%VAV.V*VAV.V»V_.

Banque Narioncrie
de Paris p.Lc

UK Head Office:

8-13 King WXam Street London EC4P 4HS,
Telephone*. 01 -626 5678, Telex: 883412 BNP LNX

Knightsbridge: 01-581 0104 Berkeley Square: 01-493 9559
Manchester 061-228 0611 Leeds: 0532-443633
Birmingham: 021-236 9735 Edinburgh: 031-226 6655

'A BNP GTOHJ-Haad Office: 16 Bcxievard des ttafiens, 75009 Paris

LkjNo'I

Financial Times Thursday February 20

EUROPEAN NEWS

Quentin Peel and Laura Raun explain why the Luxembourg reforms are viewed as crucial in The Hague

Danish ‘disaster’ threatens Dutch hopes for EEC

MR HANS van den Broek, the
tall, elegant Dutch Foreign
Minister who occupies the
chairman's seat of the EEC for
the first six months of this year,
is not a man lightly given to
speculate about disaster, or so
he says.

Yet that is exactly the emotive
word he would use to describe the
consequences if member countries
failed to implement even the mod-
est reforms before them. He must
be relieved that the greatest, threat
to the measure seem to be receding.
Public opinion polls show growing
support for the reforms in the forth-
coming Danish referendum.

The package of measures
approved by the 12 Community
leaders at their Luxembourg
summit in December, and
finalised by their Foreign
Ministers last month, was cer-
tainly modest. It would seek to
speed up completion of the
Community-wide Common Mar-
ket by 1992, by making more
questions possible to decide by
majority voting; it would in-
volve the European Parliament
a bit more in EEC decision-
making; and it would formalise
the process of political consul-
tation between member states,
on -top of economic co-opera-
tion.

Mr van den Broek himself de-
scribes the package as "^somewhat
disappointing." Any suggestion,
however, that the whole exercise
might just as well be decently buri-
ed, makes the minister quite upset.

“ If we do not arrive at imple-
menting our plans for the In-
ternal market, then European
in tegration, the whole economic
co-operation machinery, will be
rained,” he says. “ That is a dis-
aster for the Economic Com-

munity.

“ When I say that the results
(of the reform package) are
modest, 1 mean that they are the
absolute minimum requirement
we deem necessary for the sur-
vival of the Community . . . If
we prove unabie to carry out
the results, it can only give a
strong impetus to those tenden-
cies in the Community towards
a split-up.”

The process of European in-
tegration is very close to the
heart of Dutch government
policy. Even the department
responsible for the EEC -in the
Foreign Ministry is called- the
“European integration depart-
ment”

That is why the rotating
chairmanship of the 12-nation
Community seems to fit the
Netherlands with such facility,
and. also why Mr van den Broek,
for all his disappointment, is
transformed into such a pas-
sionate defender of modest
reforms.

r *-'v

s»?

Mr van den Brock (left) and Mr Lubbers . . . election in May.

Common Agriculture Policy
(CAP) will get a less high
priority than completing the
internal market. For fanning
is still a major factor in the
country, and the outcome of
reform is unpredictable.

Nearly any visible progress
on market integration would
look good to Dutch voters back
home, especially on transporta-
tion, technical standards, high
technology collaboration, and
financial services.

On agriculture, it Is true that
Dutch farmers will not suffer
as much as others in the Com-
munity from radical CAP
reforms towards a more
market-oriented, price-sensitive
policy. Mach of the Nether-
lands farmland is dedicated to

than 1 per cent of the GNP of
the Community. But we use it
in the wrong way, to create
structural surpluses, to increase
self-sufficiency from 105 to 110
per cent. Surplus production
bas a tremendous negative
influence on free market
developments."

What Prime Minister Lubbers
must hope to gain from the
EEC Presidency is an image
of firm and competent Com-
munity leadership. He certainly
expects and intends to be
present at the Tokyo economic
summit in May in that capacity,
and gain some llmeUgfat there.

The EEC summit Itself will
not come in time to win him
votes in the election: in line

crops that fall outside the CAP ***£• SSSS

enrh sc promoting a more efficient and

Community — to speed up its plant health, or standards for
Internal working methods. That pressure vessels — the bread and

programmes, such as seeds,
potatoes, anions, and even the
hot-house trade in flowers.

Consolidation of the Luxem-
bourg package is the top
priority for the Dutch presi-
dency, putting the exercise to
work as soon as decently pos-
sible, without even waiting for
the ratification of all the
national parliaments.

“We can’t afford to waft a
year and a half to get on with
the internal market,” the
Foreign Minister said. “ As soon
as all 12 countries have agreed,
I would like to suggest to them
to more or less anticipate the
results and see how far we can
get"

On the institutional fro n t, the
next step is to persuade the
Council of Ministers — the ulti-
mate legislative authority of the

means agreeing to vote when-
ever possible, instead of Inter-
minably seeking consensus.

On the practical front, it
means getting on with an 18-
month rolling programme of
reforms needed to meet the
1992 deadline for completing
the unified internal market. The
programme was agreed
Luxembourg — the last EEC
ffhairtnaw — the Netherlands, and
the UK which takes over in
July, to push through well over
100 separate decisions in a co-
ordinated effort.

It certainly will not be all
quite so straightforward. There
is a broad degree of consensus
among the member states on
the need to get on with the
internal market. But many of
the decisions needed are tire-
some and detailed ones, con-
cerning twiiw; utA animal and

butter of bureaucratic procras-
tination.

Then there is the problem of
agriculture, and behind that,
the ever-present problem of the
budget Teething trouble also
seems certain over the new
membership of Spain and
Portugal, which took effect on
by January L

Just for good measure, Mr
van den Broek and his col-
leagues have to fight a national
election. campaign, with polling
day on May 2L Such a coin-
cidence would spall complete
stagnation for the Presidency
of pretty well any other mem-
ber state. But consensus on
EEC issues Is such in the
Netherlands that the prospect
is regarckri with a certain
equanimity.

It may very well mean, how-
ever, that reform of the

Mr Gerrit Braks, the Dutch
Agriculture Minister, knows
full well that he must bite
the bullet of CAP reform. The

streamlined Community, there
will only be one heads of gov-
ernment meeting instead of two,
and it will be in June.

So Mr Lubbers must simply
be hoping not to have any major

cost of storing and disposing Wte during Jte DM Mle

of the surplus production,
whether it is cereals, beef,
butter or wine, has put the

dency to dent his normally high
standing in the polls: hence the
added concern of what might

Community budget " under happen if the Danes say No on
almost intolerable strain. At February 27.

the same time, the heavy export
subsidies payable to make EEC
produce competitive on world
markets continually threaten
to spark new trade wars.

He is determined to be
tough with his fellow
Ministers. Indeed, if
cannot agree on a restrictive
price policy, he
Finance Ministers
their hand, and set them a rigid
budget framework.

The budget for the CAP as

There is little understanding
or sympathy for the Danish pre-
dicament in the Hague. As a
small European country, the
Netherlands has never been in
doubt that its only tenable
Farm future lay iu strengthened Euro-
they pean institutions. Denmark
seems to be tempted to fall
hopes the back on a fortress mentality to
will force preserve its identity.

The Dutch still hope and
expect that the Danes will say
Yes. As for the alternative.

each is quite defensible,” Mr nobodv wants to speculate about
Braks says. “It is no more disaster.

Pravda finds little to
comfort Siberia’s
neglected customers

BY OUR MOSCOW STAFF

OIL IS not the only thing that
is hard to come by these das?
in the Soviet Union's key oil-
producing region of Tyumen in
Western Siberia. Wedding
rings, toothbrushes, warm
winter clothes, boots, shoes and
even bread are in short supply,
too.

These were some of the find-
ings when the Communist party

daily newspaper, Pravda, authorities were not built,
apparently heeding calls from Manv places making bread, a
Mr Mikhail Gorbachev for sta pie of the Soviet diet, are
greater attention to consumer - j n a dangerous state, needing
needs, went to find out what j*construotioa.”
workers want in Tyumen. r There is so little refrigerated

Pravda's report begins to storage apace that vegetables
explain why 10 per cent of the often have to go straight to
workers who go to Tyumen shops for sale or to rot rather
leave as soon as they have made than into storage . for gradual
some money, and why a rather distribution. In the town of
greater proportion of the work- Surgut, it took 12 years to ram-
force probably does its best to plete refrigerated storage that
ignore the current anti- still needs ” finishing touches.”
a lro h olfa ra wnwpaig n. # Some factories in outer

It also reflects a recognition regions dump on Tyumen low-
In the Kremlin that the leader- quality products Jhey cannot
ship must be seen to care about sell elsewhere. Pravda men-
the plight of the Soviet con- tioned a shipment of tape
sinner if ft wants workers to recorders from tiie central Bus-
meet the ambitious economic slan town of Bryansk. Huf
Bouts Mr Gorbachev has set— were broken^ and people barely
a doubling of production by huy the rest."

2000, and a 5 or 6 per cent . - . -

annual increase in labour _ ,

productivity. Pravdas report helps

As Mr Gorbachev noted when explain why many
he visited Tyumen last Septem- wor ipprq w ho PO to
ben “All of us must keep in WOIKBrS WuO go Wl

mind that aii our plans win Tyumen leave as soon
SMvlS'Sei'cSo^bto as they have made some

# The perfect

business partnership.

The success of any business venture^ whether large or
small, depends as much oh the knowledge that your office
administration is managed in the most efficient and costeffective
manner as on the abX/y to adopt a positive attitude to the job
in hand

Bank of Scotland's Home and Office Banking Service
(HOBS) provides unparalleled financial control -instant account
information, the immediate transfer of cash to earn high interest
on surplus funds, and the payment of bills. For instance;, a b3l
received today could be entered info the system with a
payment date of your choice up to 30 days ahead, allowing
you to take full advantage of any credit terms offered

HOBS offers a complete service and makes your money
really work for you with the unique Investment Account.

Now you can bankuntil Jam on weekdays and 11 pm at
weekends -all at the touch of a button from your own desk

HOBS is brought to you via Prestel, British
Telecoms extensive videotex network

To obtain a copy of our free information pack phase
complete the attached coupon and send it to Home arid
Office Banking Centre, Bank of Scotland, FREEPOST,

Edinburgh EH1 0AA

Alternatively, ring GI-200 0200
or caff into any of our Branches and
askforapadc

Please send me your info r mati on pack

NAME .

TITLE.

ADDRESS .

POSTCODE.

,7a NO;.

BANK OF SCOTLAND

A FRIEND FOR LIFE

for people's life.”

Mr Gorbachev’s politburo
may not be prepared to throw
much money at the consumer
problem. It has allocated
Roubles 82bn (£75bn) to
develop Western Siberia in
the next five years. Much of

money.

In such conditions, many
Soviet citizens look to a trip
to Moscow as their salvation.
Pravda reported that a recent
survey of Tyoma oil workers—
tbat will go for the new tech- one in five of whom reported

nology, industrial plant, roads
and other infrastructure needed
to get oil out of hitherto
inaccessible frozen tundra and
reverse the falling trend in
Soviet oil production.

Pravda indicated that the
leadership hopes that improved
organisation will go far to
alleviate consumer woes.
Reporting on Tyumen this
week, it scathingly compared
the 11 different organisations
that oversee consumer trade In
the region to 11 nannies fussing
over one child, and urged that
one authoritative body be found
to take charge.

- The problems it* unearthed
range from simple lade of goods
to Inadequate storage of pro-

turning to the blade market for
clothes — showed that almost all
asked for clothing when
answering the question: “What
do you aak for when a friend
goes to Moscow on business? "

Even in Ahe capital, however,
life is not easy- Mr Boris
Yeltsin, the Siberian who suc-
ceeded Mr Victor Grishin as
Moscow party boss In Decem-
ber. last month heaped criti-
cism on the former Moscow
leadership for mismanagement
in bousing, transport and con-
sumer supplies.

On the day Pravda . reported
on Tyumen’s woes.-the Moscow
evening newspaper. Vecheraaya
Hosckva, discreetly announced
that; following hla own tours . of

ducts that do arrive, from the Moscow shops, Mr Yeltsin had
failure to build planned shops ordered unspecifedL “-changes ?
to stores that are too small to in the supplies of meat, milk,
serve the 400,000 people who eggs and vegetables which sur-
live in the city, of Tyuman rounding regions send to the
itself. capital.

Solidarity supporters win
places on steel council

BY CHRISTOPHER BOBINSKI IN WARSAW

WORKERS AT the Warsaw
steelmiU have elected a self-

management council «*nUintng
an influential group of sup-
porters of the banned Solidarity
movement, a defeat on the
plant’s Comirmniaf party
organisation.

The new council takes over
from a group — retiring after
Its two-year term — which bas
played an important role in
resisting Steel Ministry attempts
to integrate the industry to the
detriment of Poland’s decentra-
lising economic reforms.

Almost three-quarters of the
8,000 employees at the steel-
works voted by secret ballot, a
turnout which shows that the
workers believe the council is
playing a useful role. The out-
going council had shown itself
adept at using the self-manage-
ment law to check arbitrary
management decisions and to
defend workers’ rights.

The Warsaw steelworks has
provided a model for the
several hundred factory coun-
cils throughout Poland selected
under the new legislation. It
Is also being watched closely
by the Government, as well as
Solidarity.

The council takes over in the
thick of the struggle over the
future organisation of the steel
industry. The outgoing council,
supported by five others in the
industry, last month formally
suggested grouping the steel
mills in a way . which would
respect each company’s inde-
pendence.

FINANCIAL TIMES
Published by The Financial Times
(Europe) Ltd-, Frankfurt Branch,
represented by E. Hugo, Frankfurt/
M a in . and. oa members of the
Board of Directors. F. Barlow,
RAJ. McOean, GXS. Darner. MC.
Gorman, DJE.P. Palmer. London.
Printer. Frankforter-Soctet&ts-
DrndneretGmbH. Frankfurt/Main.
Responsible editor CULP. Smith.
Frankfurt/Main. GuioOettstrasse
54, 0000 Frankfurt- am Main L O
The financial Time* Ltd, 1980.
FINANCIAL TIMES, US PS No.
180040, published daily except Sun-
days and holiday*. US. subscription
rates S36&00 per annum. Second
class postage paid at New York,
N.Y. and at a ddition al mniKwg of.
flees. POSTMASTER; send address
changes U> FINANCIAL TIMES,
’ 14 East 00th Street, New York. N.Y.
10032.

JOHN K. VAN ac KAMP, Attorney Gi mr tl of the SUM of Caftfomla
EDMOND ». MAMER

raartBSTUi J£k STMTS i

il«. California 80010

wnme <21 3> 736-ZtUB
NEYS fOR THE APPLICANT

SUPERIOR COURT OF THE STATE OF CALIFORNIA
FOR THE COUNTY OF LOS ANGELES

INSURANCE DO THE STATE OS CALIFORNIA, AjipUrnot

mission INSURANCE CONl’ANV.^^c^orot* Corporation. K—M OiNo t

Dom: March 6, 19BG
TIMM! 9.00 Ml

CS78324 and C57M1»

Mat. thaw

T O .ALL INTERESTED PERSONS:

fcST , fc*WM. L

wImSS? J2 1 Cril jMWll , Action No. C5TC724

BSPgarg. lE&WSS Cpmnonr. a Mlwri CpmS RiSSSSim."
AMKM?°". of M Snu o£'SuSfS».

Anoolac Sopot tor
itHlod - Inouraneo
. Mbnlw iMKfiM*
in. Aha pontftnu In mo

aro Mur ralatad art torn

gctp o M Sont." buft^AcX£ 0, Nr». 1 , SS3ES5a5 0 W‘“ ,v '- ‘ tjdlfiniia. Corpora non.

J-™? c£SS sr M " r - * ^

cSmSwtaS*- o?^*y*gk StkgJ.fSS? CWEMEi: owl J'trnaranco

California

__ tniurucR

Company, a aa '.'PfPffr. Applicant. *. Minion Rotanuranco

On an o n iniiito .1 rJSt. ”1SL.9!?. .HH at ».qa am In Dost M

CommlMIOnar Lrfii Ca7S32J and CS7S325 cha- Main

SSSSSHnr ^LSS"^! > V*ISgt-*qr. «J» ORNr «np«nrtng tnr'AprrilcatMu, tor

&S23 and C57S325 the anruM

fiUSlifl H3% l U3ra

appnrvliio tin auplkatkin ‘jj 11 , mow the Court Mr an fimar

"omns MtiB bv MiSinJ^iSSl SS j**. * .£**” *** .*»* OualnoHi or RMOOndant*
gg*BB*g f«htw7tnT7Siig" Company, punuant to a lenar

If" aX bMed '■mil *tni, OI J25vL ““I wrlata thawMro.

S m ***"* tr », t — OuaStiSai - no P o r - the . ApollcatMna Mr Authority

-“ ura

* Js* - *SEm£*d2£Su ,,, S LHSS ftora or .to. wn

to tho appltcatloin. the

AwAmrsTSSiiX:

RAYMOND ». JUS
Daputr Actomey General

^ -

• A store maasger in UrangoL

starting point of the pipeline
supplying natural i n to
Western Europe, toW a Pravda
correspondent shiv ering • te
minus SO C temperatures Un
month that he had received
only 500 pairs of warm boots
for more 20,000 workers
in the town. __ ,

• Last year alone. 80 stores
and 18 bakeries planned by the

*

.v*- -

Y

flnaiiciar Times Thursday February 20 1986

EUROPEAN NEWS

"s' •

V_ " \

■ =. f- . ■-

*

h f
' , y.

,x ■

•• ■ k -',

i ' 'l • *

Delors wants more cash for EEC budget

W PAUL CHSESQUGHT IN BRUS9S

MR JACQtJES DELORS, presi-
dent of the European Commis-
sion, yesterday signalled the
start of another ' lengthy finan-
cial dispute, in the Communit y'
with a warn ing that budget
resources are gome to run out.

In a speech to the European
Parliament -in - Strasbourg, he
also, gave a ringing endorse-
ment of the Common Agricul-
tural Poller, "spending on which
dominates the EEC budget and
is seen by many as the main
motor bemnd higher- and higher

expenditure. - _ .

Bis warning came less than
two months after the introduc-
tion of mechanisms, increasing
the Row of funds to me budget
from member states. On

January 1, the so-called 1 per
cent VAT ceiling — which equals
1 per. cent. of retail sales of a
common basket of goods and
services in EEC countries — was
raised to 14 per cent.

“I would be falling in my
duty if I did not point out to
Parliament and our 12 govern-
ments that VAT own-resources
must break through the 14 per

cent barrier if the Community
is to achieve the objectives
solemnly adopted, in Luxem-
bourg last December, Mr Delors
said.

At Luxembourg, Community
leaders undertook to take action
on reducing- regional disparities,
strengthening the scientific and
technological base of industry
and Improving the working
environment. But they did not

put any figures on their plans.

Li Brussels It has been widely
assumed that the 14 per cent
ceiling will be touched within

about two years. But the main
reason for this is the rise in
farm spending, which Is set to
continue this year despite pro-
posals for a freeze on prices.
The mounting problem is the
cost of disposal for ampins pro-
duction.

Budget - conscious countries
like West Germany and Britain,
which have the habit of check-
ing the spending of every Ecu
on new programmes, will
certainly oppose bitterly any
move to raise the 14 per cent
ceiling. The UK may be

expected to double its assault
on farm spending.

Mr Delon, however, argued
yesterday that the common
agricultural policy " is an
essential factor in promoting
the economic and social
cohesion of the Community of
12.” For him any attempt to
call . into question the basic
principles of the policy —
market unity. Community pre-
ference and financial solidarity
— ■“ would be tantamount to
destroying the contract which
links the member states.”

>11 III

plays
down Kohl

inquiry

By Pater Brace hi Boon

THE WEST GERMAN Govern-
ment’s publicity machine went
into action here yesterday in
an attempt to play down the
possibility of Chancellor Hel-
mut Kohl having to face crimi-
nal charges for allegedly lying
to two parliamentary commit-
tees. ’ ^ " .'

The Government has clearly
been shocked at - the foreign
Press coverage of a decision by
federal public prosecutors in
Koblenz to begin' investigating
such charges.

A statement delivered to all
foreign journalists here warned
against “ spectacular " commen-
tary and pointed out that in-
vestigations by- . prosecutors
were common in West Germany
and did not necessarily
that charges would even'
be brought

A Greens party'. SEP, Mr Otto
SchUy hag made two accusations
against the Chanoefior:

• That he misled a parliamen-
tary . committee, jin Mainz , last
July -by saying be had no know-
ledge of 4 charitable founda-
tion that channelled funds to
his Christian Democrat party;

• That in November 1884' he
lied to a Bonn parliamentary
committee ' by eUnwitng not to
know about two - donations,
totalling DM 55,000, given him
by the Flick Industrial group.

Both charges stem from wide-
ranging political investigations
into theso-called Elide bribery
affair, in which -the' group is
alleged to have given money to
political parties in return for
tax breaks. - -

The investigation, by public
prosecutors in Koblenz will con-
cern Hr Kohl's testimony last
July. The . Bonn- prosecutor's
office has yet to decide whether
to" investigate' 1- Mr.'-igitnwrty
about the DM fi5,V0Ql

Red carpet welcome for visitor from East

BY RUPERT CORNWELL IN BONN

MR. HORST STNDERMANN
may only he the guest of the
oposfekm Social Democratic
(SPD) party, and in the eyes of
some hi the ruling coalition
hero not on espeeSaffly welcome
one at that — bat officially Bonn
is giving 'the red caqpet treat-
ment to tile pres i dent of the
East Berlin VotiEskaznmer or
parliament.

And not surprisingly. What-
ever tiie protocol arguments
which preceded his arrival
yesterday for a four-day visit,
Mr Sndermam is the highest
ranking East German to set foot
on West German soil for 15

A senior Soviet official hinted
strongly yesterday that
Moscow might not approve
of a visit to West Germany
by the East Germany leader,
Mr Erich Honecker, writes
Leslie Colitt in Rerun. sir
Berts Ponomaryov, the cen-
tral co m mittee secretary the
international relations,

attacked Bonn sharply in the
East German rarnmniiio
newspaper for condoning
“ revanchism ” and following
an aggressive rearmament

policy. Mr Honecker’s first
planned visit in September,
1984, was abandoned under
pie&aure from Moscow. A
senior diplomat at the Soviet
embassy in East Berlin said
yesterday that he had heard
nothing about Mr Honecker
planning a visit to Wert
Germany. “ We shall wait and
see.” This sceptical reaction
was similar to that of Soviet
diplomats when asked about
the same subject in 1884.

True, he is not able to see
Ur Philipp Jenmnger, the
Bundestag president, within
the parliamentary braiding.
Such an encounter is ruled out
by the absence of formal rela-

tions between Bundestag and
Volkskatmmer.

■ He had to content himself
with an inspection yesterday
of the empty chamber. Earlier
had come a meeting with Mr

Hans Jochen Vogal. the SPD’s
parliamentary leader, in his
rooms (with a picture of . a
divided Berlin on the wall
behind them).

Then the motorcade of large

dark bine Volvo s from East
Berlin, with its police outriders,
moved off: first to lunch, and
later to the Chancellery, where
Chancellor Helmut Kohl spent
45 minutes longer than sched-
uled with his guest.

Mr Friedbelm Ost, the Bonn
government spokesman, after-
wards described the atmosphere
of this East-West meeting as
“ very good.” Mr Sindermann
himself said that relations were
im p ro v ing “year by year.”

Whether his trip will prove
the harbinger of a visit by Mr
Erich Honecker, the East Ger-
man leader, is another matter,
however. Mr Honecker himself
raised another flutter of expec-
tation with a most conciliatory
interview at the end of January
with the weekly Die Zeit; in-
deed June is being talked of as
a possible date.

Ozal gives warning on Cyprus settlement

BY ROBERT MAUTHNEB, DIPLOMATIC CORRESPONDENT

PRIME MINISTER Torgut Ozal
at Turkey yesterday made dear
there was little prospect of a
Cyprus settlement as long as the
northern Turkish port of the
island was boycotted by the
international community.

Addressing the Royal Insti-
tute of International Affairs on
the Third daw of his official visit
to Bri tain. Mr Ozal said that
both the Cyprus problem and
the disagreements between
Turkey and Greece could be
settled through negotiations. In
particular, Turkey supported
the “good offices” mission of
Mr Javier Perez de Cuellar, the
~UNrr. Secretary-General, under,
whose auspices talks on Cyprus

at official level are due to
resume shortly.

However, as long as the Greek
Cypriot administration was
recognised as the sole repre-
sentative of the island while
the northern part, which
declared itself independent uni-
laterally in 1983. was treated
as a “non-entity,” there was no
political incentive for the Greek
side to engage in negotiations,
Mr Ozal claimed.

Nor did he think that the
Greek Cypriots had any econo-
mic incentives to negotiate with
Turkish Cypriots as long as the
booming Greek Cypriot eco-
nomy, “fuelled byjforeign a id
and loans,” gave the Greek side

a vested interest in keeping
things as they were.

Turkish troops would remain
in northern Cyprus until an
agreement was reached which
would guarantee the rights of
Turkish Cypriots, Mr Otol said.

He also made a strong plea
for Turkey’s eventual full mem-
bership of the European Com-
munity. Turkey could not be
regarded as an outpost of Nato,
he said. It should take its place
in “the economic and political
integration of Europe."

Turkey's whole economic
policy, including the opening of
its markets to foreign eompeti-
,.tion -and the modernisation of
its industrial structures, was

geared to preparing the eco-
nomy for EEC membership.

Mr Ozal went out of his way
to counter suggestions by
questioners that Turkey was
still far from being a democratic
Btate and that its human rights
record left much to be desired.

He reminded his audience
that liis country was In a state
of politcal, social and economic
chaos in 1980, before the last
military coup took place. It
now had a freely elected parlia-
ment and a free Press which
criticised him every day, and
more than 175 police and
security officers were currently
in ..jail .for . laww . rights
offences. Mr Ozal maintained.

Inflation
rate
declines
in Italy

Italy’s official inflation rate is
dropping. Last month the con-
sumer price index rose at an
annual rate of 8 per cent, com-
pared with an inc r ease of 8.6
per cent In December, also
measured on an annual basis,
writes James Buxton in Roma
The January monthly rise of
0.5 per cent Is based on a re-
vised basket of consumer goods.
The old ind^r (1980=100) had
reached 19tqP by the end of
last year.

Food and drink constitute
30.92 per cent of the goods in
the new basket, against 3457
per cent in the old. In its first
month the index rose from 100
to 104.

French trade surplus

France had a visible trade
surplus of FFr 3.5bn (3486m)
last month on a seasonally
adjusted basis, according to the
Trade and Industry Ministry,
writes Paul Betts in Paris. This
follows a larger-than-expected
FFr 3.4bn deficit in December.
That brought the 1985 total
deficit to FFr 24bn, similar to
the year’s before.

Labour less mobile

Slower economic growth
has made the French less will-
ing to change jobs, according
to Insee, the official statistics
bureau, writes David Housego
In Parte. It reports that while
77 per cent of male employees
and 73 per cent of female held
the same job in 1977 as in (he
previous year, the proportions
last year rose to 81 and 80 per
cent The proportion of women
working rose to 63 per cent in
1982 from 44 per cent in 1968.

Iceland strike threat

Iceland’s 60,000-trong trade
union federation said yester-
day it might call a strike if its
demands for wage rises of 8
per cent after inflation were not
met by this weekend, Reuter
reports from Reykjavik.

Fewer escape

The number of East Germans
who escaped across the border
to West Germany last year
dropped to 80. compared with
54 in 1984. writes Leslie Colitt.
It was the lowest figures since
the Berlin Wall was built in
1861. Many more escaped, how-
ever, via third countries or
failed to. return, from trips-. to.
the West.

Storm in France
over constitutional
court appointment

BY DAVID HOUSEGO IN PARIS

PRESIDENT FRANCOIS

Mitterrand yesterday provoked
a political storm In France by
naming Mr Robert Badinter,
the Minister of Justice, as head
of the Constitutional Council.
Mr Mitterrand will thus have
one of his close associates in

charge of the supreme legisla-
tive court during the period of
conflict that could follow the
March parliamentary election
when a Socialist President is
likely to be faced with a right-
wing majority in the National
Assembly.

The nine-member Council has
the tasg of ensuring that legis-
lation conforms with the Con-
stitution. After the election it
could be called on to pronounce
on aspects of the Right’s pri-
vatisation programme or its
attempts to accelerate legisla-
tion by resorting to decree.

The opposition immediately
took the move as further con-
firmation that Mr Mitterrand
intended to make Its task diffi-
cult if it wins the election. The
President has already indicated
that he intends to remain
“ active ” — retaining for him-
self a substantial role in foreign

policy
he call

ioiicy and as guarantor of what
called “social harmony.”

Mr Francois Leotard, one of
the principal opposition leaders,
described the appointment' as
giving “an inadmi ssible political
character to the pivot of our
institutions.” He accused the
President of transforming the
Constitutional Council into an
“ apparatus of political war-
fare ” during the period of
potential power sharing between
tiie President and the National
Assembly.

Mr Jean-Cl aude Gaudin.
president of the centrist UDF
party, said that the bead of the
Constitutional Court had to be
like Caesar’s wife “ beyond
reproach and suspicion.” He
described Mr Badinter’s appoint-
ment as further proof of Mr
Mitterrand’s involvement in the
electoral battle.

Mr Jacques Chirac, the Mayor
of Paris and the man most
widely favoured as Prime Min-
ister after March, declined to be
drawn into a direct confronta-
tion. He said he had every
reason to believe that Mr
Badinter would remain faithful
to his constitutional duties and
above the political battle.

Italian energy chief calls
for oil production curbs

BY DOMINIC LAWSON

THE CHAIRMAN of ENI, the
Italian state energy group, yes-
terday urged oil producers out-
side the Organisation of
Petroleum Exporting Countries
to assist Opec in production con-
trols to support the oil price.

This is the first time that a
representative of tiie oil con-
suming nations has call ed for
co-operation with Opec, which
last month in Vienna warned
that a farther price collapse was
inevitable unless non-Opec pro-
ducers cut output.

Mr Franco Reviglio, the ENI
chairman, said in Frankfurt
yesterday that if prices hold or
slide further the consequences
for the world economy would
be catastrophic. Yesterday the
spot price of Brent, the main
North Sea crude, fell to a 6-year
low of $14.60 a barrel, for a
cargo for delivery in April.

. Oman,, a non-Opec .producer,
with an output of 500J)0 b/d.

said yesterday it would join
with Opec in production cuts if
other producers outside the
organisation did the same, A
similar stand has been taken
by Norway whose OH Minister,
Mr Kaare Kristiansen, yesterday
held talks in London with Mr
Peter Walker, the UK Energy
Secretary.

The latter is likely to have
repeated that Britain is im-
placably opposed to any en-
forced cut in its North Sea
production, currently running
at 2.7m b/d.

Venezuela’s Oil Minister and
current Opec president. Dr
Arturo Hernandez Grisantl,
warned yesterday that his
country might have to abandon
control over its prices and
adopt the “netback” sales
policy used by Saudi Arabia to
increase its share of the oil
market.

Omgn seeks Tornado delay.
Page 6

deft*

■(juncii

7*

. A public company in

Ofcourse,British Telecom have been around alot longer than we have.
But they have only been a public company and exposed to competition
for 2 years.

We think that is important to you.

We have been telecom specialists since 1971 — instinctively understand-
ing the needs of other businessmen.

That’s why since Parliament gave business a choice, business has
increasingly chosen Norton.

After BT, we are die biggest supplier of mid-size business telephone
systems in Britain. WeVe reached that number two position by giving
businessmen the equipment and service' they want.

It means today you have a reliable option. From 2 extensions upwards
we supply, install and maintain business telephone systems.

Telecommunications have -come a long way since your system was
installed. Choose your next one from Norton.

NORTON

TELECOMMUNICATIONS

The serious alternative in business telephones

Norton Telecommunications Group Pic, 341 City Road, London EC1V 1LJ Tel: 01-278 0404 Telex: 27177 Fax: 01-833 3859

Financial Times Thursday February 20 1986

AMERICAN NEWS

Volcker hopes for growth with stability

MR PAUL VOLCKER, Hie US
Federal Reserve Board chair-
man, yesterday delivered his
semi-annual report on US
monetary policy and the eco-
nomy to the House Banking,
Finance and Urban Affairs com-
mittee. The following are
edited e x t r acts of his remarks:

“Nineteen eight-six has begun
with the economy continuing
to move forward after more
than three years of expansion.
Unemployment has continued
to fall. Happily, the continuing
expansion has so far been
achieved while inflation re-
mained at the lowest rate in
more than a decade.

“Looking ahead, there are
some highly encouraging signs
as welL The larger employment
increases in recent months are
reflected in relatively confident
attitudes by consumers. Manu-
facturing output as a whole,
which had been sluggish during
much of 1985, is again rising
even though many areas con-
tinue to face strong competition
from abroad.

“ Lower interest rates and
higher stock prices — buoyed
in part by the action of Con-
gress in improving prospects
for declining federal deficits in
the years ahead — have made
it less expensive to finance new
investment and housing.

The sharp break in oil prices
should be an important force
cutting costs and prices in the
period immediately ahead, in
the process releasing real pur-
chasing power to consumers.
Moreover, changes in exchange
rates and the welcome initia-

tives taken by the Congress and
the Administration toward bud-
getary restraint offer the poten-
tial for dealing with two of the
major and interrelated, im-
balances in the economy — the
enormous fiscal and trade defi-
cits.

Altogether, the opportunity
clearly remains for combining
sustained expansion with
greater price stability in the
period ahead, building an the
progress of the past three years.

In my judgment, the present
expansion ■ — already longer
than the postwar average for
peacetime years — is not about
to die from old age or sheer
exhaustion. We don't have Hie
pres sur es ou. capacity, the
excess inventories, the ac-
celerating costs and prices, or
the rising interest rates that
have typically presaged cyclical
downturns in the past.

Yet. any claim that we live in
an economy in which every
prospect pleases would be idle
pretence. There are evident
points of economic pressure
and financial strain, some of
them aggravated by the sharp
decline in oil prices Itself.
While the adverse trends are
being changed, the deficits in
our budget and trade accounts
will take years to correct And,
we have long since passed the
time -when we could, with any
validity, insulate ourselves from
the difficulties of neighbours
and trading partners to which
we are bound by strong ties of
finance and trade.

Most of these threats, in mag-

ECONOMtC PROJECTIONS FOF 1986
FOHCf mcmben and ocher RIBt

Presidents AdminJ-

Range Central tendency Stratton CBO§

(Percent change, fourth quarter to fourth quarter)

Nominal GNP S to 8-5 65 to 7 JS 8 7A

Real GNP ITS to <25 3 to 15 4 3.4

Implicit deflator

for GNP 25 to 45 3 to 4 35 19

Unemploy me nt rate

(4thqtr%) 625 to 6.75 About 65 65 65*

* Civilian unemployment rate, t Federal Open Market Committee.
% Federal Reserve Barit. 5 Congressional Budget Office.

nltude and in combination, are
unique, certainly in our post-
war experience. They demand
our full attention' if we are to
deal with them successfully.

Take, for instance, the trade
problem. The dollar had risen
to extraordinarily high levels
by early 1985, with the effect
of undercutting our trade pos-
ition vis-a-vis major industrial
competitors.

No doubt given the extreme
values the dollar had attained
internationally to 1984 and early
1985, an adjustment in
exchange rates has been a
necessary part of achieving a
better competitive equilibrium
and of responding to destructive
protectionist pressures.

But we also know, from hard
experience here and abroad,
that changes In actual trade
flows necessarily lag changes In
exchange rates by a period
extending into years, that cur-
rency adjustments can assume
a momentum of their own, and
that sharp depreciation in the
external value of a currency

carries pervasive inflationary
threats.

Improvement in our trade
balance for the next year or
longer is in large part
dependent not on depreciation
of our currency but on greater
growth by our trading partners.
More competitive pricing is of
limited value when foreign
markets are not growing
strongly, and when producers
abroad do not themselves have
expanding, profitable markets
at home. Prospects in that
respect remain quite mixed.

Should oil prices remain close
to present levels, that develop-
ment will also be a powerful
force offsetting, and in the
short-run probably more than
offsetting, the direct and in-
direct effects of the lower inter-
national value of the dollar on
our overall price performance.

Sectoral strains and im-
balances point up the crucial
importance of maintaining the
essential safety and soundness
of our financial system, and in
particular our depositary insti-

tutions. For a long time, that
was something we in this
country thought we could take
for granted.

Today, measures to protect
the basic financial fabric neces-
sarily assume a high priority,
and that effort will require
appropriate action by the Con-
gress as well as the regulatory
authorities.

Over the course of 1985,
monetary policy remained in a
generally accommodative mode
in the sense that pressures on
bank reserve positions were
both limited and little changed.

Looking ahead to 198S. the
Fed Open Market Committee
decided to take account of the
greater uncertainty associated
with the relationship between
Ml and economic activity and
prices by adopting a relatively
broad Ml target range of 3-8 per
cent. While wider, that range
is centred on the same mid-
point, 5} per cent, as the tenta-
tive 4-7 per cent range set out
last July.

Growth toward the upper end
of the range could well he
appropriate. More broadly, the
Committee agreed that changes
in Ml would be evaluated in
the light of the presence — or
absence— of confirming evidence
of excessive growth in M2 and
M3. For both those aggregates,
the tentative growth ranges of
6-9 per cent set in July were
reaffirmed.

The challenge for monetary
policy is to help assure that
those favourable prospects for
maintaining progress toward

stability can be a reality in the
context of a growing economy
The implementation of policy
will be conducted in the light of
that objective.

The decline in oil prices has
presented an enormous new
chalenge to a few coutries that
have been heavily dependent on
oil resources for the develop-
ment of their own economies.
The problem is particularly
acute with respect to Mexico,
with which we have dose trade
and financial relationships, but
It Is certainly not limited to
that country.

In the broadest terms, the
initiatives outlined by Secre-
tary Baker some months ago for
managing a “second stage” of
the International debt crisis
provide a constructive and
needed overall framework for
dealing with problems.

We have come too for, and
the stakes are too high, to fail
to rise to the evident new chal-
lenges. We have to recognise
that depreciation of our cur-
rency does not in itself pro-
vide a fundamental solution,
and is in fact a two-edged
sword.

The budgetary effort must be
sustained. If we expect to bene-
fit from the break In energy
prices, we must collectively
respond to the points of strain.

We need to be patient when
patience is required. The trade
and budgetary and financial
problems will be with us for
some time; at the same time, we
need to be insistent in carrying
through the measures to deal
with them constructively.

Latin Americans aim for debt concession

BY JIMMY BURNS IN BUENOS AIRES

LATIN AMERICAN debtor
nations are expected to press
for interest rates below the mar-
ket rate on the region's $370bn
(£264bn) foreign debt when
they meet in the Uruguayan re-
sort of Punta del Este next
Wednesday.

But senior economy ministry
officials in Buenos Aires said
yesterdty that there is no agree-
ment yet as to whether the IX
members of the Cartagena group

should jointly spell out a specific
rate CAP unilaterally or opt for
a vaguely phrased proposal,
without specific figures, as a
basis for future negotiations be-
tween individual countries and
commercial banks.

Mexico is reportedly consider-
ing seeking an interest rate ceil-
ing of 6 per cent compared to
the London inter bank Libor
rate of just over 8 per cent,
and is likely to attempt to
secure support for this at next

week’s meeting, according to
officials in Buenos Aires.

Argentina however, is being
more cautious. In an interview
published yesterday in the dally
La Nacion, Mr Juan Sourrouille,
Economy Minister, said only that
he was broadly in favour of The
position already taken publicly
by the Cartagena group at Its
meeting in Montevideo in
December.

He said that a distinction
should be made between old and

new debt, with preferential in-
terest rates being charged on
Hie former. New debts would
refer only to loans yet to be
negotiated.

Economy Ministry officials
yesterday denied that Argentina
had decided to spearhead a
move to fix interest rates at 25
percentage points below Libor
as some reports had claimed
earlierthis week. “We have not
yet fixed our position,” said one
official

US housing starts rise
by 15.7% in January

THE PACE of US homebuilding
accelerated sharply in January,
rising 15.7 per cent for the
largest increase in nearly two
years, the Commerce Depart-
ment reported yesterday, Reuter
reports from Washington.

It was the biggest gain in US
housing starts since a 17 per
cent advance In February 1984
and provided further evidence
that the economy was

strengthening, the department
said. Housing starts rose 9.1
per cent in December.

The annual rate of home
starts was 2.09m in January, up
from 1.8m In December. In
1985 work began on 1.74m
houses.

Permits for home construc-
tion, a barometer of future
housing activity, fell 05 per
cent in January.

US$ 100 000 000.-
Credit Suisse Finance (Panama) S.A.
llf% Guaranteed Notes, Series A, due 1992 and

100 000 Warrants to subscribe

US$ 100 000 000.— Ilf % Guaranteed Notes,
Series B, due 1992

NOTICE IS HEREBY GIVEN, pursuant to the Terms and Conditions of the captioned
issues, that US? 5 000 000 principal amount of Series A Notes have been drawn
for redemption at 101% of their principal amount

The serial numbers of the 5 000 Series A Notes of US? 1 000 each, drawn for
redemption and representing US? 5 000 000 principal amount, are as follows:

» I1H
p» *m

14 2174
1C 2177
17 2I1B
JO 2230

12 2231

72 2232

73 2242
II 2244
9B 223*
37 2231

30 »n

If 7311
K 2321
II 2373
:: 2970
If 2Sff
»» 2410

13 2412

15 23|1
17 2420
70 2431
17 2430
70 2471

10 2302
33 2331
>3 2370
17 2327

11 2334
32 2332
II 2343
If 2333
32 2133

31 2«fT

32 1710

it irts

30 2712
30 1731
II 2703

10 2013

33 2032
72 2034
70 2331

13 2f 32

74 2721
DO 3013

11 3034
>0 3073
II J0f«

14 3130
17 Sill
14 >121

13 3131
II 3113
II 3140
!3 3101
If 3200
10 1230

10 3232

11 3230
10 3331
74 3331
If 3403
74 34J4
10 3443
10 3473
H 3**0
10 3110

10 3327

14 3313

13 133f

11 J13f

14 3100

15 1337
17 3331

10 3300
1*4 3307

11 3710
>2 3740
10 1770
10 3703

kl 3704
ID 3030
74 3042

rc loo*
17 3037
ro 3004

10 3974
If 3ff4

11 4030
f7 4040
rf 4090
13 4071
IS 4000
17 40fS
.0 4117
n 4iio

IS 4133

ID 4137

11 4130

12 4204
II 4*fl
If 4304

13 4310
L4 4343
EO 4147
If 4330

491) ISfl
4330 3304

44311 3743
4371 1710
4100 3003
4*88 3010
4700 4043
4714 4002
4743 0074
4757 3073
4730 3 304
4702 00)1

4003 3f 20
4030 3031

4030 Of 40
4070 09(0
40f0 OffO
4001 ill!
4f0f 7021
4fl0 7040
4flf 7030

4031 7007
4033 7117

4004 7132

3001 7133

3013 7171
5041 7101
3034 7134

3002 7274
1001 7202
0121 7317

3132 7320
■13- 7340

3133 7302
3130 7303
3141 7311

3132 7314

3133 7377

3211 7310

321 2 7313

3213 7374
3211 7301
3233 7400
1213 7700
3230 7731

>204 7734

3343 7731
■1(0 7702
3301 7704
5302 7020
3334 7330
5170 7010
IMS 7021
3303 70*3
3100 7043

1404 7094

1400 7*00
3411 002*
344] Nil
3*32 0041

3113 3003
3312 0104
0314 0110
3327 3144
3331 0130
3337 0130

37DS 0103
573* 6107
3773 0)00
(70S 0)10
3701 ■))■
300 * 0227
300* 3232

3043 0134
1030 0)73
5010 0313

3010 0130
3031 0401
0000 0433
3)00 0430
0073 04 70
*100 5*74

3107 0473
3110 0401
0140 0303
3154 0340
4150 0014
1143 0420
3170 0321

0200 0*15
3217 3337

*274 0371
32BO 0711
1200 072*
0343 0743

3344 0003
0350 0010

4107 0024
4*07 0090

44)1 0040
3414 0009
4410 0031
0451 0052
0404 Of 71

3-73 *003

3014 0019
*330 0072
*5*5 3041
3500 Oil*

fill
11(0
0)1*
0210
9243
1303
3313
fill
0301
0400
0400
04(1
*432
0471
0323
0 303

9330

9331
0719
0721
9723
9730
9771
0703
9705
0305
foso
9900
0047

10003

10013
10031
10B0S
10127
10132
Kill
10143
10130
10132
10117
10203
10230
10243

10) 31
10)00
10404
10420

10414

1044)

10432

10304

10510

10533

10309

10310
I07IT
10710
10724
10733
10733
10770
10770
10701
10019

10014
10019

10840

10041
1 Dili
10007
10003
10010
loon

10027

10030

loosi

10031
100*3
100*7
10074
10002
11909
11010
71020
11037
11044

110 71
11101
1110)
11220

11) 10
11210
11270
11209

1I1B4

11311

1131)

11117

31121

11110

11343

1110*

111<1

113*0

11*34
11430
11440
11317
11111
I 1(73
11421
1 1002
11(10
11**1
11470
11707
11700
11723

11743

11737

11705

11700

1)702

11000

11022

11042

11*71

11074

11075
11070

'iiaos
11333
11007
llfll
31044
11033
11 732
11031
12143
123(4
1204*
123*3
12110
12121
12132
12143
12202
122(0
12)74
12202
12307
1Z11S
12142
121*7
12420
12431
12444
124(7
12317
12552
12153
1)501
12610
12311
12(41
■ 2444
12410
12(37
12374
12715
12721
12732
12730
12740
1)747
1)7(3
1)7(0
12773
12270
12701
12030
12001
isoos
1267(
12009
12009
12022
12131
12034
lZf((
11070
13003.
13004
1)129
HIM

13141

13130

13204

13203

13207

13220

11230

13270

13270

13300

13304
13320
13427
13420
13410
13401
1 1320
13347
11302
13103
1 1104

13*20

13*32

13345

13153

11440

133*1

13304

13404

1 3*01
13722
13724
I 1740

13736
11700
11725
13000
13000
11030
1 JO I 2
1)027

13032

1)013

11042

11043
13004
14010
14070
140*4
1*13*
14130
141(9
14174
14201
14217
14230
14230
14270
14238
14201
i4i;o
14334
143*0
14331
1-3*0

14370
14101

14300

14414

14410

14421

14441

14440
14475
14523
14124
14527
143 JS
143TI

14371
14370
14313
14(17
14(30
143 30
14353

14370
14(11
1 4(00
14701
1471 0
14753
147(4
14772
14020
14020
14040
14032
14893
14307

148*0

IMIt

140)0

14040

1403*

14311

14067

14000

19091

15110

10141

1*142

15152

13130

131*0

19170

13231

13210

19292

13204

13390

19300

15109

19150

19140

15375

151*4

13300

13403

13409

19421

19434

13*03

13400

15300

19934

15(02

19414

1I41B

15(29

13(34

15(30

13(54

13(01

13725

13724

19742

1*702
I 3002
13900
1(042
19093
19920
139*0

13034

13073

15974

10099

1301*

10020

13023

10020

14043

13044

13121

13133

10174

1*100

1*220

13240

13259

13200

1(110

10)31

13390

1(107

1(411

1(4*1

13435

14405

13300

1*393

18(16

16631

16661

166*2

1(713

13T73

13737

16752

10730

13700

1(010

1303)

10072

10*57

1*077

1307*

169*2

17032

170*0

17D07

17110

17121

17129

17115

171*9

17170

1717*

17192

17201

17239

172(4

17290

172*7

1731*

17*9*

17334

17403

27*36
174(4
17500
17531
17134
17311
17334
17*06
17*21
17(50
17*9)
17*01
17700
17712
1770*
170)1
17070
17900
17000
17012
17099
17090
1 7090
179(2
170(3
17*12
19011
XOB1 2
1*01 1
.10020
10040
1BB53
10050

loo*!

IBBBO

10114

10122

10141

I6ISL

IBI74

101*4

10247

10203

10*20

20333

1936*

10100

10404

10442

10*41

10402

1090)

1091*

101)0

1094*

10402

10314

16(1(

10335 20744
10(72 20747
10074 20737
10(73 20750
10753 1077*
10764 20700
100(0 20503
1009* 20041
10037 20044
10974 20970
16BB3 ZOO**
10005 20000
10000 21910
10913 20017
10041 2)031
10053 21020
10955 21044

10070 21000
19981 21103
10003 11132
1001* 21101
10017 2110S
10029 21170
10045 21207
10055 ZL23S
13032 212)3
11073 21230
10090 21270
10033 21101
10102 21322
11131 21343
101)4 21993

10)03 2133)
1021) 2117)
10217 11303
13)10 21412
10240 21404
1*244 2140*
10291 21407
10270 11315
10204 21520
10139 21344
1*1M £1543

19) 0 21577
10370 >1410
10171 21(51
1010* 213(0
133*1 21373
10192 21*00
1040) 21402
11407 21700
1*904 21711
10110 21731
1*312 21743
10170 21791
113*5 717*2
1*310 21031

10311 21019

10312 21920
10462 21002

10071 219(1
10*73 2 1970
107)2 22)13
10701 2)021
10721 22011
1*724 22019
1074* 22031
11754 2)072
1*0(0 2207 5
10017 22001
100(2 IIDIB
10020 22110
20014 22101
20019 221*3
10023 22187
20073 12210

10090 22)43
200*7 22244
20111 22234
20171 22270
202*0 22274
2)221 72292
20245 22100
20237 2721*
20272 22120

20) 17 22124
20141 121(2
10 331 11177
20 JOB 22407
20300 22444

7(911 22439
204X1 124*4
20490 22190
204(1 22310
7*411 22920
20401 329)9
20404 22*10

20310 22433

20311 21711
30994 220(1
203*0 2)9*0
2)3*1 22010
20 30 5 22014
20 307 22012
29(01 22020
20*30 22091

IMS* 7)9)1
20010 22000
20(03 23017
20701 23024
20711 21070

11733 238B8

23130
23X50
2517*
23100
13243
2*244
2)277
2)9)1
21110
2)382
2117*
25107
233 TO
2)47*
23500
2 3519
21540
23537
299)9
23(40
23150
23(51
21701
2)713
2)717
2904*
21050
21070
21000
21005
21918
Z19Z0
2)030
230(3
2393*
21001
23067
24001
24121

2*124
24143
24140
2*17*
24103
2*224
24)02
24117
243(4
24371
14174
24102
24100
14409
24400
'24491
24917
2454)
24117
24537
2437*
2*902
24 9*5
23642
2*670
24607
24723
14710
14757
247(1
24013
14017

24010
24025
24020
1*040
24077
24013

24011
14013
24023

24037
74*70
24001
2*90*
2501-
25019
21047
93094
29053
25940
25077
25103
29110
25120
29121
25110
15111
29141
29147
25163
29179
23225
29214
25291
23715
19294
29257
15299
252 71
20201
29700

mas

231)3

29SM

25137

25373

25300

29)80

29*09
25320
25470
29*01
19489
2151*
23590
29573
29575
23(05
20(03
237)7
2574)
25749
257*1
29774
1)779
23782
2*78*
2 98)0
Z9I20
21943
15053
25851
15*07
250|(
25*51
20055
25*30
29099
25191
2*013
23051
23070

20) 70
231)2
'2(151
23141
)3171
>6114
242)4
361)7
23251
2(14)
24244
24200

21) 05
2(32)
20)1
2(545
24 941

241BJ

23-30

234)2

234)3

244*9

2**09

2*907

2*510

1357T

249M

2*595

2*359

23M9

1*974

23505

23383

233(0

1341T

23340

2*4M

71(74

2**77

13370

23382

16081

23729

8*741

13741

1*77*

1*711

23040

2*074

23089

230(3

16IM

!**>*

2**41

2*043

261*1

26*70

27021

27026

27041

IKK

27074

27100

27101
17186
17140
*71)1
27104
2710*
272(5
27254
272*7
272)0

17249
*7)47

17250
1725*
17110
272*4
17)11
27915
27)17
27327
171)5

27119
27547
27990
27534
IT90B
27500
27401
1740*
27415
27440
17465
27473
27512
279)1
27577
2 7311
27377
27*0*
27795
27711
27730
177(6
27701
2702)

27044
27070
27001

27045
17972
20010

20019
20915
10034
10059
100*0
20104
20113

201 >9
20159
201 M
15105

202 23
292)3
29277
20)09
20199
20)65

2044)
284-4
204(7
204(0
28541
2 6 944
2953)
28(22
26314
20(99
20370
28379
18300
207(7
10729
20791
20744
29706
20014
200)5
20862
18053
20071
20800
28001
28022

20020

20044

20045
20011
20*94
29030
20**1
20074
20*00
20004
1*031
2003*
29040
29007
200*0
2*110
0*197
2014*
20140
201*0
19210
0*232
20254
30202
20)49
20)40

29)53

29111

29)01

2*40*

20400

20-05

6*4*0

2*51*

20919

2050*

21(72

1*9*2

29(21

19345

29*40

20475

2139*

2*740

2)792

29011
I0B5C
20017
290*0
2903*
2*579
ZOOBD
29905
20*14
20(52
10014
500)7
50034
50005
30010
5(112
301(5
90170
10177
10 1 TO
30100
1010 )
1010 *
10223
30230
>1200
10)24
10)27
90)50
10191

30403

30404
3041)
50417

50420

50421

30411

30443

30505

305)4

50540

S0534

10550

50590

103)1

900)9

90)92

30471

10381

50701

>0704

30737

*0731

307*2
10)10
50099
3)000
300*1
30005
109)0
(0*10
50923
50072
500*0
51004.
11004
91000
91110
11140
11140
11101
31111
*1201
31204
31221
31255
51241
*1269
112(7
91 170
3117*
31309.
31)50
11177
11105
11442
1144*
11400

31510

31525

515)1

51501

31000

5200)

1X402

31601

516*7

317*6

*1751

31710

11ns

11049

31010

5155*

31000

11B0T

JXOOX

91*02

31012

11*14

310)7

31915

*19)9

)I9«1

11962

11*64

911*7

51*74

51012

32014

920)0

92047

32000

120(0

12112

12115

92139

32149

5Z17D

12217

52202

12291

12290

52)51

52551

DIM

3250)

523*0

311*7

1) 400
3241)
32415
32442
32637
12400
32400
32007
32)45
>2)45
S1067
32*60
32*91
12702

32710
127)1
32740
32775

32711
12797
12001
12020
32841
12000
32995
52081
52011
12013
22947
51(52
52999

521711

31(94
53011
33017
35)43
350 90
33052
110*0
JJIM
51100
13101
35121
SS12B
33111
13147
33150
11159
311*0
11100
13109

nm

33222

31221

31271

33250

33304

23400

35410

39412

13475

53407

33500

33501

2) 510
31940
03*14
11*39
1)037

33710

33711

33710
31723

33711
13759
337*3
* *709

53013

33030

63041

530*2

3) 012
13020
33042
350*5
330*4
330*5
1)070
330*0
34003
34015
3(020
34030
340*0
>4102
34100
54107

34107

34210

34110

34110

3(211

54*71

14113

34114

34)22

34400

34400

34411

14427

344*0

14455

14407

34503

34531

34S09

34*00

34530

>4044

>4454
34**6
34**9
34701
34754
34774
54701
3-01*
14015
M017
3(029
34027
14020
3*020
36050
34876
16*12
54 020
54*87
54*35
36*47
35024
35252
1M71
15004
15125
35190
991(1
35172
33137
31101
39391
55395
15)97
39644
35440
55401
3541*

2) 396
35507
35550
3911*
31*00
31010
31(05

3) 701

39704

55709

35781

357*0

197*1

33771

35770

137(4

15758

397*4

35708

15010
39093
150 72

99074

15079

>9909

J9094

35*39

05***

35*77

35002

51*03

9(003

3*00*

3(015

3(071

3*072

3*070

1*08*

3*004

3*173

1*200

3*122

1*212

9*261

162*9

3420*

36120

36)20

36)39

3(350

3(352

1*6X0

3(610

0*422

)»*«1

I*»91

1*491

3(547

10564
1*5*0
>05(2
3(000
3(000
11(10
30015
)**I(
1*047
30(10
30174
1(000
50700
3*720
3*730
1(7*3
30010
50015
3(015
30510
34*00
1*900
3**40
3(049
0*0(0
3(004
>7001
37061
17060
57090
37003
37103
27100
37132
371 35
37140
371(2
371*0
17175
17177
311*1
37203
37213
17241
37II5
5734*
579(4
37131
37)02
37412
37411
37030
97—01
37652
37**7
17*64
17*93
37400
37520
37177
J7902
37501
17(1*
37(17
17*21
37**1
17**4
57001
37701
3778*
17727
37720
37730
57790
17743
377(5
17010
17030
170*4
17050
176 82
>70*0
17901
37(21
37020
37947
17032
37**0
37900
57072
37055
50029
10041
35004
300*0
38072
30077
9097*
DOM
90089
301 01
35100
98100
96117
96129
381)1
50143

901(3

90107

>0201

30200

50226

M2Z7

302*4

18202

10204

30322

3S35S

30)35
38)55
305*9
30401
3*410
30430
904*1
30476
36491
30512
MSI*
30544
30548
50953
30*76
30575
10575
30*25
50*29
380 36
30145
50550
50*59
30*50
30005
30713
30717
50715
50727
30740
50700
9X770
10700
30705
35040
50070
30005'
55*51
30004
3*0*0
3*071
3*0*1
30101
19120
31111
1*1*1
39220
1(211
10125
3(130
3121*
39275
S02B1
91200
30293
99295
If Hi
1*117
1*338
5*15*
37*0*
3*416
3*501
19127
195 H
1*542
3*1*0
395*1
30504
31980
19501
19*07
90*41
500*0
30*70
190*5
39726
5*710
19747
3*7(0
91790
3*017
30068
30001
40005
4004)
40044
4004*
40051
40105
40110
4D174
4017*
40230
402*5
402(7
40271
48X74
40811
48875
48 902
40505
403*8
48447
48580

403(6

4094*

40551

48940

405(4

40570

4«M2

40595

48432

48(44

40M4

40(87

41(91

• 8703
40740
407H
40T75
40776
40005
40807
40821
•8822
40855
48592
40004
40(51
40937
40*55
41024
41040
41036
41097
41113
6113)

41104
411*5
41170
41214
41226
61254
41 235
41247
41240
41 250
41271
41310
41511
(1)12
41360
415(3

41105
41177
41417
41400
414(1
4154*
41591
41990
41971
41577
41975
* 1(00
41(22
4|(20
41(30
41(10
41710

'41721

41734

41795

41709

41013

410(1

*19)5

41951

41(4)

41*12

42005

41010

-47035

420)0

48037

4205*

42000

41124

4110)

42104

42206

62215

02241

4129*

41270

42120

42317

42370

421*0

42405

42424

42425
624)5
41440
424(1

42502
42541
(2551
42155

42503
42(10
42*2*
42*52

41*50

42*05

4271*

41756

(17*1

417*2

•2773

•2705

427*0

42012

•2015

42020

42010

420(2

420)1

430—2

410*2

•1853

43873

41124

45137

4)147

43148

43158

43180

4)191

45192

4)117

4)2*5

411*0

45)90

•3429

*94i(

63400
41320
4394)
4)950
4)555
414*2
41(97
0)095
4)703
41710
41723
43795
437)0
63744
61752
41775
4)014
63020
45847
6308C
4)00*
41*11
4)942
•1*44
41951
41994
41092
43(0*
44024
44082
441)5
44112
44120
44111
44193
44177
44101
44215
•4212
44204
44202
44)4*
•4150
449*0
M 371
44309
44409
4441*
464-8

44471

44493

44110

44504

44907

443*8

44300

44000

44*11

•4*1*

44011

*44 D

44070
44*03
44*00
4***1
440*2
4400)
44*15
44*20
44090
64941
4 3003
45030
4J804
490*5
• 58**
43070
40070
49112
4311*
431)0
45135
45140
45150

4 520 II
491X2
45244

452*7

4)125

45141

•159)

43570

*98*6

43482

45415

49440

49441

45490

45459

45481

654*8

49903

655BB

49117

45027

43391
4 55- 1
43 571
4)13*
450(7
43*78
43(01
45790
"43744
*57*5
43750
657*9
*37 71
45700

• 9804
4MS0
450*3

• 9882
41860

45009

45010

• 5174
4(010
4(015
4(010
4(091
4(112
411)7
4(144
4*217
4(24)
4(202
4(5)2
4(124
4(500
6(3)1
4(117
4(410
4*412
4(400
4(410
4(310
4(525
4(312
44511
4(973
4«(00
4(317
4(634
4((5(
Mill
4(701
4(744
41)70
4(011
4*011
4*022
4*061
4(908
41122
41*15
4**27
4*075
47017
4705*
47035
47110
471)9
47140
471 *«
4)171
47102
47253
47255
472*1
47278
47117

4)104

67(02

47414

47455

47(0*

*7340

47132

47*72

67**0

47700

47727

47749

47790

47711

47771

47781

47574

6)075

47011

47112

• 70)2
*791)
•7017
*7*00
*710*
—080)
40097
*0054
40096
400(1
40131

401(0

40170

4019(

40100

40214

402(1

40257

40290

43200

400*1

•0100

* 0 ) 0 *

—0—06

40617

40476

40490

40322

48042

40591

40(08

40*12

*0*02

40701

40711

40740

407*2

40701

(0793

480(2

-0012

46041

48877

40870

(8604

4*01*

40*20

480*5

400(5

40074

40075
40*00
40019
40815
40050
40054
4*879
40131
49110
*010*
40159
4*288
40280
4022*
4124 9
49**1
402(1
411(4
402(5
40273
40119
4*152
4*1(9
4(480
40414
40423
4*429
41410
•94(5
49497
•0101
40300
4*901
49*20
*9*1)
49*9*
41591
417*1
4*755
40773
41791
•0797
4951*
(9S20
4*822
40540
49079
40004
•fflf
40*71
4*005
4005*
5000*
30037
900)0
50091
300X2
50050
500*0
50077
3*004
54101
*oi»*
00170
50202
30223
50140
50290
30293
00370
09440
3(457

504*0

30479

5040)

30103

50515

005*7

50509

00*07

30*2*

50*51

94**1

50*60

58700

50721

(8720

■0710

93792

90007

50044

5004*

5004*

00097

100*0

50*04

30*17

510*9

90970

50*72

01020

51020

■10a*

51047

510*2

■1102

Bill)

Sllx*

51154

1113*

913*2

s:iro

91111

51214

51100

512*7

51)2*

51) 07 316(3'
31300 51403

31) 01 3)690
)1)*4 53410
5(604 5)582
51(80 3351 D
91(11 ))9(5
51(27 93340
31 WT 3)301
5K50 31(04
51*59 51(00
51(75 53(10
51475 39(37
51*54 51*57
519D2 131*0
51113 *370*
51521 337)1
91102 53)53
51513 53809
51937 SM13
51*42 5)898
»»*48 51250
51*4 7 9 3071
51(50 9M7Z
51**4 53917
51(71 5)027
91*01 931(0
5174* 5)1*5
917*1 54914
91700 54015
51010 54817
51846 56035
51065 54075
51004 5(016
51309 5*103
51914 9(111
919*2 5-1)0
510** 5(14*
52037 54200
52044 5—110
51045 5(243
51072 5411*
92075 541(0
52077 941*0
52004 9*306
9211* 54411
52174 94422
5170) 544)0
51204 54*48
5120* 54910
521(5 5(321
52297 5-551
5I25( 5-950
52207 5**33
52300 94711

92) 10 54712

52) 11 54723
SIMS 34730
52)72 547(5
521*5 9474*
1248* 54140
524X0 5(758
32-55 54005
52-81 54920
i:*ii soon
52311 >4214
32555 56895

32) 70 54072
52(07 54004
02014 54* I*
32(21 34921
52051 5*931
52451 9414)
32*73 541*1
51(52 54100
52784 9*181
52705 96909
9178* 940*4
31740 95300
527*0 55021
017*7 59027
52771 99034
02708 538 *5
32711 99885
51880 95005
32004 39160
92003 952)3
52921 99)12
92025 5523)
32851 55202
52020 99204
52913 93500
3119* 33)20
52950 55)2)
12*70 90)61
51*01 53190
5)02* JSK«
9)0)7 553(0
SJ071 SIMS
5)071 551*7
31001 55415
51101 55(20
OHIO 93421
9)149 314(7
91152 5505
91137 35607
5113* 5)946
5)1(0 5!S)(
3)1(1 5)907
■ SIM 19414
5)226 55(17
5)241 9M41
3)254 53132
5)2(0 51*5)
5)171 93(60
9)254 1)721
11200 53744
032*2 0)741
3)204 53706

93) 00 937(7
51181 35700
51)09 9(0)9

33) 00 19062
5)125 550(0
5313 3 5 300 7
9)963 55001
51371 53*04
5)306 55110
33415 53*30
014 1 7 5)007
114*7 54800
914(4 5*001

5*022

5*02)

5(007

5(131

5(!lf

3(140

5*150
9*213
-5*112
5*329
5010
5(341
9(354
9(377
5*390
3*420
5(415
554 X0

5*439

5*460
5*455
3*6*0
5*471
5*475
5(3)2
9*371
5*507
36390
5i»3X
5(02
5(05
3**45
9** 70
566*4
3*72*
9*757

5809*
500*2
50005
30*10
50021
MO 37
5005)
50(05
5*021
3(034
9*061
51126

51X63

901(0

5(175

91177

9*151

50224

3*225

90210

50500

50)42

50)72

50309

sim

9*309

59419

9(425

9(429

11439

596)0

9(4(6

5(*et

SO***

50320

90S!*

5*067
9*051
5*057
9*509
5(590
9000 X
50017
91(52
9*0Sf
5*07*
99(09
57022
57057
570(1
5705*
571(1
971*0

57100
97ZD0
5722*
57200
57352
57171

57101
67)05
97*86
57411
57**5
37471
97400
57920
£75-0
57550
37377
97507
57500
57*31
37«M
57**0
37**5
57*02
57*97
97**0
97705
57715
57724
577*5
57502
57080
17517

57070
57571
57040
57100
570 20
57073
58025
00810
508*0
50074
11111
59170
50X95
50202
90223
00228
58229
50233
50143

90118

55)14

10472

10471

50471

90408

50985

90919

5012*

10911

9656*

Mill

50119

96*0*

90*85

90022

90*10

50(09

50*71

50*90

90*92

£0700

50721

50720

50720

50080

9*565

sosso

51**1

51**0

3*877

5*0*1

99*20

5*1)3

SUM

51*71

9*052

*800*

18824

10025

00025

(0079

•oils

(0121

081)1

(8112

(0170

(010)

(0214

00225

(0227

(8245

(0359

30)37

903(1

50X91

(1405

*0455

00*55

05480

004)0

*9492

00504

0*910

*095*

*89(5

*88*0

£2(18

00019

(0*32

(0*10

00001

00*90

00*(f

(■700

(0715

*■71*

(07)7

•0740

007**

60794

(0*02

O000S

*0824

(005*

68871

• BOB)
(0097
009 )(
(0937
00962
(1988
01002
01001
(1009
*1031
01(47
*1090
*1051

• 1013
* 10*1
*1070
(1004

(1 GAB

*1090

*1114

*1147

OHIO

• 1172
•2100
•1211
Ollll
(1242

• 1151

• 1270
01201
01191
*1292

• 129)
(ID*
01520

01380

• 11*7
113<*

• 1*00
01421
*1-23

• 1641

*:**«

• 1440

014*5

• !45l
*140*
*149*

• 152*
(IMS

• I Ml
01*12
*1(90
*1*5*
11(79

• 1*99

»st:i

• 101)
*1015
(1039
110)7
010*1

• 1875
*1079

• 109*
0113*
*1037
*1041
01107
*2004
*2021

• 2022
(2024
0204*
0210*
*2195
*2150
*2103
*2174
52105
*11*2
*22)0
• 22-0
*22*4
07770
* 2)12
*2)7)
*2307

• 2394
02410

• 2470
(2*00
(2404
(2943
(15(1
(25(2
02176
*2507
12717
(2719
02710
(2775
•nos
11(11

• 2627

• 20(0
•20*0
02*20
91910

• 2*15

• 2044

• 2972
*2075
9)0*3
03055
0)0(9
9X077

• 188*

• 31(9

0) 199
0180

• 3194
01112
kUkl

• 32)0
*3318
9)3(5
015*1

• JX94
*3407
*1433
(3445
*3410
*3*51
*3**1

• 160*
(3517
*1*10
*352*
*35*2

• 3575
9)575

• 3*94
*3*10

■ 3*71
•3700
4573*
*374*

1) 700
*17*2
*30)0
1)062

• 3041
1)060
•3050
*00*1
*3094
*11)*
t)*4S
•3907

• 309*
*3000
•4010
*40))
•4002
041 31
*4107

*41*1 17003
*421 2 *70*3
042)1 (7D(*
*420* 0713*
(4414 071 17
•4411 47X77
*4(15 *7190
*43-* *710*
*459* *7211
(4(9* 1721*
*4973 mu
•4501 *7200
*6*B7 *720*
• 4* 10 *7302
*6**2 *7)02
•4*43 *7)10
*4*90 07335
•6(75 (7-23

*4710 *7461

(4773 47**1
•4755 0747*
•47*0 *7620
(-777 (749*
(4779 *7400
MM *75)1

94047 07*20
**575 *7024
■4*1* 17*60
(4025 07*15
*«*•* *7**0
*4099 (774*
(•**2 *7771
•90S* *7777
*5043 *779*
*9001 *7010
*51*2 (7525
*3127 *7*3*
*92*2 <7*6*
*52*0 *7*77
•5300 *7905
•5322 *7001
«))»! *7*30
*5302 * 70*5
*61*9 (0071

(5606 (O0*(
(540* 60104
(9411 00115
(5412 (0X10
056M *0122
(5—4 *9129
(5456 99161
00*98 60160

(96(6 (OKI

(9106 (92X0
(8911 •*!«(

(1536 (02(9

(99(3 102(0
05*17 *0270

(91)1 (0921
69**4 *0114
95(7) (0)47
(5(7( (039)
55(86 (0)56
95(<( *8174
(57)0 *0410
•5745 *5625
*5758 *047)
05700 11492
*970) 00529
(570* *0993

*5071 *0015
05(01 (MI*
•3)85 *5*21
05919 (9*22
99(45 90*2*
05*90 *9*37
•3982 98*50
05911 05*7*
01190 *04*4
**•50 *0700
**09* *9710
1*129 6074*
01127 00857
Mill 4506)
50153 08873
*0190 *5877
•01*4 *0007
0*17) 00910
•*185 08040
0022* (IMS
*•227 00059
11209 19000
1*129 *0021
0*135 0*052
•0170 5(151

*1495 99183
**•7* *915*
**500 *910*
65520 *91*4
**347 *0204
*15** (9209
**S7I *921*
0*979 *9248
**915 0*111
9(511 09301
*•9)2 0*109

*1*70 09549
HIT] *9105
*0706 (9)9)
(1714 •**]>
••720 •*•)>

•4748 *043*

(•771 4947*
(•78) IMIS

••10* 69692

(•Oil 0(020
04020 •9312
MIM 409*2
*•047 4*573
•4050 *0*75
1*051 *f**l
• •807 •*••3

**944 *1779
1*094 098*5

•90TB 72951 715*6 75449 OHIO 50377 5729) 0M47 (ID) 0*718 *7*08
0*000 71«84 79300 704*2' 012)2 86301 072*2 0*040 (2100 047(0 0 7(01
0*11) 72113 75907 71671 51259 0(620 <7217 89004 »»» 14791 17001
•9910 7)002 79*12 705X0 01302 04491 87)10 59087 12147 14882 17084
*9725 73212 7305* 78550 21 309 *96*2 07JI7 01*01 02555 99005 (7713
780)7 7102* 7**11 70*11 513*1 B—Tl 8732 1 81**2 12131 94018 17710
720;* 7)012 75722 70*35 81322 0-304 0730C 89*74 123*4 *4895 977)2
7)04* 7301* 7572 1 70*11 013*1 0*92* 07)00 80002 *21*0 04050 *771)
73IJ5 7)0*0 71733 "79 702-81170 06972 07*1 IT DM I 1I*1("TC0*B *7741
:0l*« 738(1 757*) 7*744 914)0 0-30) 0741) (0021 (2*10 f*B*l (77*8
70211 7)071 7370* 7175* 81437 04)08 0743) 00022 (2445 (487) (7T52
7G23V 7»IBJ 797*0 707*3 01471 04*07 87950 91062 *2410 04*00 *7772
7BSS0 7318* ■ 9930 7077) 81472 04**4 07451 (0050 (2**0 (491) *7X7*
70101 7)ie0 7*897 780*5 01*M 84674 87)02 100*7 12**7 *4*20 *?T07
70131 75195 75*01 78008 014*8 84*05 87917 00071 *2910 1*037 17717
701-) 731*0 750 2* 7080* fllSDB 04742 87521 08100 1231* (9000 077(0
70400 73*52 71*21 78888 BX*B* 8474* 87974 *82*9 (2102' 05018 *7700
7040 1 7)235 79*32 735*1 81 SIX 86790 87501 (02X2 *7(13 15007 97824
7040* 7)241 799BI 78891 015)1 847*4 07994 90257 7143* 95285 17029
78410 7324* 75*11 78120 81517 84751 87121 *0*75 92(48 *50(0 77047
79900 7327* T917S 70*3) 01574 04023 07179 (0251 12090 95117.97080
7(918 7IM2 7*0)1 701*4 81501 54852 87*84 90289 * 2**9 19174 *7000
7D 54 * 735-6 7106 1 71001 01 999 IUII 07707 102*0 *7*50 fS!U *70*2
709*8 7)552 76105 79011 01607 0-005 07747 902*1 *20*8 *9198 *79)6
70974 73370 76X14 7*049 81019 04901 877*0 90M1 92705 *5239 179(3
70*19 T3«0) 7*112 79001 01020 04*53 87000 90JI1 12TI5 *52(7 (7*82
7097* 7)503 75110 79005 011)1 84905 0T0U (0123 (2710 (5319 (MOT
70(77 7)920 7*180 79115 81051 0901* 07040 (0)40 (2740 (5127 90014
70727 7)527 70100 7117* 01090 09020 07850 98394 92742 1)340 *0015
T0744 7)53* 761(0 7*215 01710 050)9 07054 *0399 *3770 15311 9003*
70746 7)560 7671* 792)1 01777 0*0)7 5751) *0156 127*1 15109 *5041
70204 73502 7*222 792** 01770 09045 0713* *042* 12*0* 15101 *0044
70087 73)54 76224 79270 01041 05071 07951 *0410 *3810 *9402 *000*
700*9 7 3011 792*7 7I27S 01043 0)101 079*3 *063) *2822 (5471 M01(
77*21 7311) T627* 7*2*7 81855 05104 87*0* (04*8 *2023 nil* (01*4
70992 71M4 7*700 79)10 61610 09179 0000 ( 90910 92817 *5907 10109
70(00 7)074 7*103 7(32* 010*9 0310* 00005 *0310 (2001 (95(8 98241
70(79 73709 7*110 79150 81072 09201 00070 (0531 92101 Mill *0251
71003 71710 7*317 7*374 01073 85ZS4 80004 *056> *2*54 95(1) *0270

71030 73733 7C9BX 71419 01099 85242 08095 9*937 92947 950*3 90210
710*1 73003 763(1 7*420 01096 89290.00090 90800 *2*90 91197 *8321
71120 71804 7039* 7*42* 8115* 55263 851X4 909(7 *2935 93*70 *8330
7X197 7)522 70420 71432 81(07 IUII 80100 *0594 (2(0 7 9H1* 18570
711(0 71810 7*627 7*462 01*07 09)1* 80220 901)5 * 2**0 * 9854 MM2
711(4 71350 71*20 7)469 02007 09)27 0(220 90090 *3022 *9(98 (04)3
71174 710*0 7*441 7**47 02012 05111 00241 *0677 *302) 950*4 *5434
711*1 7147* 7(451 71472 02127 011-2 00145 t0«01 *1024 * 3041 10440
71201 73001 7(475 71511 02120 05354 0024* (OKI *MZ( 159*9 (0513
71209 71009 71503 79510 02114 OUTS 00191 90722 *1041 9(020 90540
71229 73800 74508 79591 02101 05177 00)07 *0792 9)125 9(025 90549
71229 7)904 71521 79953 0210) 054(1 003(1 9(795 951)1 9(030 10507
712-0 73114 7(955 7957L 02191 05*74 (0)52 90000 1)1)9 90040 90H2
71246 7)917 75510 79572 52201 054(7 00409 (0025 9)15* filOB 10505
71240 73*40 7(972 7*9*0 02210 B55M 00427 90*10 *3190 1*0*4 *05(5
71270 740*2 751X1 7*607 02237 899*4 004*7 90*57 *3157 9106* 90*15
7114 5 7*077 7til5 7*410 022*1 015*3 MSI) 10*5* *317* 15977 90(20
71)57 7(0(5 75154 7*71* 0220* 05(30 0(91* *09(4 9)100 *5101 *M41
71402 7(0*5 7(1(1 7*740 02311 05(11 00315 II09X 9)111 1(1(0 90(95
71410 74114 75(53 797)4 32)10 B5t(« 00511 (1041 13192 91135 *B6t5
71410 7-11) 7(079 797*7 0712* 05702 00(20 11090 91201 (61(0 90676
714(1 741(5 70780 71000 82)76 05703 06697 (1010 9)211 (6190 905*0
71522 74174 76700 7*035 02)10 857*4 08069 11019 9)270 (0267 987(0
71921 7610- 76720 79041 02471 057*7-40471 9IB70 (3270 *6190 10707
>1532 7*220 767)1 7(079 02412 05016 00782 110*9 91200 *61(0 90710
7153! 761)9 74741 7(000 (2524 05020 M7I1 *110* 93299 9(290 9071*
71550 7*262 74799 7(111 0717- 0)911 007*3 *1107 (1190 (431* (0723
71941 7421- 71762 7((4( 02307 09012 0070* (1101 11393 96311 90731

71) 13 74207 76701 7*993 02*16 090)6 00779 *1122 1)413 90111 10789
71(12 74)00 7*700 7*950 021)4 IMM 00792 1112) *14)3 (0SS2 90780
710)5 74310 7*787 79*37 82095 0903S 00013 11132 91*71 (0350 *1709
714*4 74112 7*011 799*0 82*16 85*19 08023 *11*8 DDF 9(357 (8801
715(9 74170 7(821 79*9* 8273* 85911 IUJI *1211 1)5*7 9*184 98017
71470 74377 79823 BOOM 927-1 ISIS* Mill 9122) 9)310 (5-17 (III*
71701 74170 79020 00(14 02741 8S975 80071 11(37 (1500 1(410 90070
71719 743*9 7*827 0001* 007(2 8(127 MOM (1247 1)997 90441 90075
71771 7442) 7(802 00039 027(4 8(010 80(15 912)0 9)609 >6499-90391
71791 7*429 7*917 00030 82774 80833 88921 91)1) ()«20 15)00 10018
71010 74429 7(131 80097 02081 0(01* 00*91 *1141 *S(M *(104 *0*07
71003 74446 7***6 00107 02002 8(8(8 88*07 (1370 IMM HIM *0*12
71044 744)7 169(5 001*7 0(071 01070 0(191 1117) 1)70) 1(300 10177
71010 74438 77006 80210 02075 00091 Mil* lilt) 11707 1(020 11000
71002 7*401 77014 00291 02947 0*103 01001 11401 I374S 19040 *1010
91*01 74471 770— 0 00210 02963 ■9104 09014 91412 *3705 16169 19100
7190* 7499) 770*4 00)10 0290* 09139 01094 91410 117(3 16791 Ifni

71031 74007 77001 (0140 0)011 84170 01041 11440 11770 *1721 91107
71*43 74013 7780- BDA44 81242 84121 81099 91441 137*0 96721 *9110
71 102 7-10- 77083 80379 8)090 01151 39007 11059 93796 16749 91X49
71023 74*92 770*9 00150 03102 04103 8*0*9 *1400 flu* *6752 1*174
72049 740(2 77140 00312 01122 0(31* 09074 *14(0 93053 91734 9(1*2
72084 74077 77130 0O1H 0317 5 84415 8*8*8 91-97 *38*1 9(801 (9209
72112 74591 77138 80611 0)1*0 84 — 1 0*100 91514 9)134 94300 (921)
72130 746*9 77114 80621 8)1*7 066-2 81131 915*1 IIII2 10137 11214
7213* T-n- 77172 80613 0)21* 86600 (*]>« 9199* 9)177 *1067 1*224
721O0 747)1 77179 304)1 0)2)0 00404 0*17) *13(4 *4001 *4000 HUB
721*4 7-7*1 7717* 00666 03282 816*1 8*11* *1148 96864 *4188 9*162
72223 74719 772)7 30673 81201 0*4*0 07200 (1M1 (6069 941M 9*240
722)2 74701 77242 003*4 33211 06500 01244 H50I 14(62 14140 11230
T2237 76056 77233 0031* 032*7 069168*278 119(0 14001 90*40 *9100
72270 74049-77273 00464 11)31' 0 6 540 8(314 9]*3Z 94129 90138 99H0
92275 76052 77300 00614 03360 84566 0*317 91070 14X20 9190* fill*

72) 11 7*059 7734 * 89701 81)02 USD 0*318 91494 (4134 9(984 9*322
72323 74077 77364 01711 03410 84579 01)67 91708 *6190 90990 91300
72)27 76931 77)91 OB7Z2 0)61* 0443* MID *170* (4191 97010 99040
71335 -74930 77460 007*7 01440 00072 01)03 91717 141)1 *7(01 19371
72391 74900 77521 80301 01474 OOt7C 09-00 91728 94L40 97864 19173
7141* 74.9(0 775*1 0(008 83406 04(09 01-07 91763 16109 97110 91311
7240Z 73066 77970 00029 01609 0*727 89-12 91781 14171 97104 19311
72434' 75079 7 7012 0 (0)1 0 ) 912 3172 0 01614 11702 14109 17130 11421
71301 71100 77013 00074 0)974 04707 0*462 11700 94100 (7170 THIS
7256 2 75110 7 7*1) IMM 01)92 0*770 1*690 *1011 16122 *71*0 **•»»
72307 79132 7792* BOOM 039*0 0071* 0*500 *1024 *422* 17201 11503
72411 79170 77(98 09*01 03676 Mill 8*501 *1041 941*3 (7221 VtB*l
72(24 7)201 77690 00*12 0)707 84006 0931* *1092 *4247 17124 9(551
724)8 7920 * 77710 00*45 0)711 04HB 09511 11801 94241 fllift 9*978
72640 -75210 777*0 00991 0)713 06970 (9592 91077 9*264 97261-995(2
71977 7921 1 7TT75 909*0 03717 06170 0*55* 9IB0B 94164 *7294 9(623
726*0 73215 77112 00*70 0S71X 04104 0*814 *1(30 *61*2 97)03 -9*121
71617 7SZZ6 77*44 001*1 BST3Z 0700* 0*621 llfll *6100 *7)07 «*447
72703 73230 7T9f( 01000 81740 (7010 0*427 *2001 *4)11 *7112 *144*
7271* 7325* 700*2 0100B 01772 07010 0(620 (200- *4310 *7141 V*4S1
7271) 79211 70100 01031 0)707 07044 8*630 (2010 941*1 *71*9 99C69
727(9 73269 78141 01019 897f) 07070 0*647 12034 94401 (7409 9*677
72000 79307 70192 BIOS* 03710 O70TI 814-0 *1110 *4-20 *7410 1*476
7281* 79100 70193 OI07O 04062 070*0 0*441 92110 *4*26 97431 *9730
72040 7)3)8 78139 0X013 0407) 07101 09681 12130 *— 0 ( 7441 9(741
72369 75*11 79179 Bill* 84130 87111 8*719 92160 94510 *7444 11761
72040 79690 70294 01162 0*174 87120 09701 *2190 9**34 (7447 **7*«
7284) 79638 78299 01171 8*1*6 8713* BITS) *1180 *4434 *7811 1*011
72040 79440 90126 81179 04200 87140 01759 fllfo 94*30 *7810 9(010
7286* 796*0 703*7 01100 0*160 0719* 0*767 *2*1* Ik, 78 *755- 9*015
72393 75MX 73)71 01219 06276 07164 8*02* (1218 9*89- *7*00 1«*0*
72877 75909 70979 81228 8*352 07181 01940 *1232 1470) 97421 9**08

Bank ordered to
stop commercial
paper activities

BY WILLIAM HALL IN MEW YORK

A US federal court has ordered
Bankers Trust, the big US
money centre bank, to stop sel-
ling commercial paper on be-
half of clients — in a move
which could throw the SSQCtm
market in short-term debt into
chaos.

The court in Washington
issued a permanent injunction
preventing Bankers Trust from
distributing commercial paper.
It will take effect on March 1
unless the bank can successfully
appeal against the decision.

The injunction comes just a
fortnight after a federal court
ruled that Bankers Trust’s com-
mercial paper activities violated
federal law.

US banks are prohibited from
underwriting US securities by
the Glass-SteagaH Act. which
was put in place over SO years
ago to separate commercial
bank sand investment banks fol-
lowing widespread abuses.

The Fed has said that
Bankers Trust's operation does
not constitute underwriting of
corporate securities. However,
the court has ruled that the
Fed is wrong and only the US
Congress can allow banks to
operate in the US commercial

paper market. _ _

The case is being watched
closely by all rf the major US
banks which had followed
Bankers Trust Into the US com-
mercial paper market. The
court's ruling reverses the de-
cision of the US Federal Re-
serve which had earlier per-
mitted Bankers Trust to distri-
bute commercial paper.

While the granting rf the per-
manent injunction is being re-
garded as a victory for the US
securities firms, which are
worried by the inroads big banks
are making into their traditional
territory, bankers are still con-
fident that at the end rf the
day they will be allowed to
continue distributing commer-
cial paper.

The rapid growth rf the com-
mercial paper market in recent
years has caused US banks con-
siderable concern since many
of their customers now prefer to
raise money by issuing commer-
cial paper, rather than borrow
fhxn the banks.

Bankers Trust has led a move
to recapture some rf this busi-
ness by placing commercial
paper for corporate clients with
investors.

Victor’s laurels await
Reagan in Grenada

BY REGINALD DALE, US EDITOR IN WASHINGTON

The Notes drawn for redemption will become due and payable on March 24, 1986
together with accrued interest for the period from February 13, 1986 to March 24,
1986.

On and after March 24, 1986 the Series A Notes so redeemed shall cease to bear
interest.

As of this date, the outstanding principal amounts are:

Series A Notes: US? 59 000 000.—-
Series B Notes: US? 41 462 000.—

CREDIT SUISSE

Zurich, February 20, 1986

as Fiscal and Principal Paying Agent .

PRESIDENT Ronald Reagan
goes to the tiny M spice Island “
of Grenada today for the
modern equivalent rf a Roman
Emperor’s triumph. It is a
trip that he has lc»UK been
relishing.

Grenada is the scene of what
Mr Reagan regards aa the
greatest foreign policy success
of his first term in the 'White
House — the October. 1983. US
Invasion that, in Washington's
eyes, reclaimed the island for
democracy from Cuban- and
Soviet-backed communism.

But what makes Grenada par-
ticularly special for Mr Reagan
is that its 92.000 inhabitants
overwhelmingly welcomed the
US intervention, making It a
historical rarity in the Western
Hemisphere."

Informal polls on the island
suggest that between 95 and 99
per cent of the population re-
main enthusiastic supporters of
Mr Reagan, and there is no
doubt that his welcome will be
ecstatic

Mr Reagan regards the one-
day visit as being rf “special
significance." The US “ rescue
mission," he says, “gave those
who export tyranny a lesson
they won't soon forget”

At the time, Washington in-
sisted on calling the invasion a
“rescue mission" to save some
1,000 American citizens, most of
them medical students, whose
lives were thought to be at risk.
Since then, the operation has
been hailed by American right-
wingers as living proof rf the
fallibility rf the Brezhne* Doc»
trin e ■■ t h a t once a country has
become communist it most stay
so.

Mr Reagan's visit wdH be
loaded with symbolism. He is
to lay a wreath at a memorial
to the 19 US servicemen killed
in the invasion, just 100 yards
from where American helicop-
ters landed on the beach to
evacuate the medical students.

He will unveil a plaque dedi-
cating the new Point Salines
International airport, begun by
the Cubans and finished by the
Americans, which was a focal
point of American concern long-
before Hie perceived threat
arose to the medical students.
With its 10,000 feet runway,
Washington feared that the air-
port would In practice be used
as a staging point for Cuban
and possibly Soviet military air-
craft on their way to intervene
in Central America.

But Hr Reagan, who plans to
spend just four hours and ten
minutes on the island, also has

StriUui - *

.business to do. He. win attend a
brief mini-summit rf nine
leaders of English-speaking
Caribbean countries to reaffirm
Washington's commitment to
the economic development and
security rf the region at the
highest level.

He Is unlikely to have much
concrete to offer in response to
the Caribbean argument that
regional security win best be
guaranteed by economic pros-
perity, fostered by increased US
eld and trade preferences. The
pressures generated by the new
Gramm-Shdman budget balanc-
ing .law. In Washington mean
that US aid to IfceCaribbean is,
if anything, likely to decline.

Mr Reagan can be counted on.
however, to sing the praises rf
his Caribbean Basin Initiative
(CBI), which provides for duty*
free entry to the US for a range
rf Caribbean products and
started operating; in. January
1984. even though Washington
admits that the results so far
have been “mixed.”

A« for Grenada Itself, Wash-
ington points with pride to
figures which show it growing
faster than any other Caribbean
island last year. - Economic
growth rose from zero in 1984
to 3 per cent in 1985.

As the island recovers and
capitalism takes root in the
shape of new hotels and small
businesses, US aid, totalling
some $74m (£52m) since the
invasion, will taper off. . Both
because of Gramm-Radman and
because of Grenada’s “reduced
seed,” only 320m is planned in
aid for the island this year.

That should help to determine
whether Grenada has the
virtue required to -qualify as the
ultimate Reaganite. showcase—
the ability to stand on its own
feet

Haiti to annul agreements
made by Duvalier regime

BY CANUTE JAMES IN KINGSTON

THE INTERIM government in
Haiti has said it will annul all
financial and economic transac-
tions agreed during the past six
months by the Government of
Mr Jean-01 atide Duvalier, the
former president who fled the
country 15 days ago.

This is not expected to affect
trilateral pacts under which the
West German Government is re-
scheduling repayment of loans
of DM 25m (£L3m) or agree-
ments lor aid which Mr Duvalier
claimed in January he had
reached with the International
Monetary Fund, the Wolrd Bank
and the governments of France
and Japan.

It could, however, affect plans
by a cruise ship company to
spend $X6.5m <£ll.7m) in de-
veloping a resort in the north
°| * 7 ? °5? n , tr y. the operations
of Air Haiti, owned by Mr
Ernest Bennett, the former pre-
sident’s father.ln4aw, and
agreement* by Mr Bennett to
sell Haitian coffee abroad.

The announcement follows

increasing charges from oppt
sition political leaden an
youth groups that the interix
administration was made up a
neo-Du vaiiarists and that ther
was little effort to increase th
pace of political and economl
change in the impoverish*
French - speaking Caribbean
republic. • .

In answering its critics „ M
Gerard Gourge, Justice Mini)
ter, said that the adminlstratloi
is also to seize all propert
left behind by Mr Duvalier am
his family and has given : al
companies in which the famib
was Involved a fortnight T<
declare these Involvements- o
have their assets and prop**
ties seized.

The Du valievs' properties a*
said to include several man
aions, cars and yachts. Cedone
Max Valles, the Infotmatioi
Minister, has promised pro***
tion for students wanting tt
attend school following a dM
in which anti-Government pro
tests brought Port-au-Prince
the capital, to a halt

5

Financial Times Thursday February 20 1986

OVERSEAS NEWS

Tension rises as
Israelis continue
hunt for soldiers

BY ANDREW WHITLEY IN TEL

BEBtUT

THE DANGER of open fi ghting
in southern Lebanon involving
the Lebanese Shi’ite militia
■ Antal, rose sharply yesterday as
heavily armed Israeli forces con-
tinued their hunt for two cap-
tured Israeli soldiers for a third
successive day.

A UN official warned that
tension was rising as Israeli
fences carried oat a house-to-
house search .of a number of
villages north of the security
zone in southern Lebanon as
a deadline for the execution of
one of the Israeli prisoners
approached.

The Islamic Resistance Front,
a coalition of fundamentalist
factions led by Hezbollah, the
Party of God, has threatened to
kill one of ■two Israelis wounded
and seized in an ambush on
Monday if the largpscale Israeli
sweep into southern villages is
not halted.

Israel £as vowed to press on
with a thorough search for the
wiiaeing Israelis -until they are
found. In this. latest operation,

. Israel sent troops backed by
tanfa aiwi helicopter gunships
several miles north of a self-
proclaimed security none. About
300. residents, have . been
rounded up for, questioning.

The -Shi’ite Amal movement

AYIV AND NORA BOUSTANY IN

yester da y said four of its men
had been killed and eight seri-
ously wounded in clashes with
the Israelis.

Amal fighters said they were
trying not to engage in head on
co nf rontation . with Israeli
armour but would concentrate
their attacks on isolated patrols
in the countryside.

In Beirut, an underground
Shi’ite group calling itself the
Organisation for the Oppressed
on Earth said it had killed yet
another Lebanese Jew, kid-
napped a year ago.

Dr EHe Hallak, 58, a physi-
cian and the vice-president of
foe fcigier council for
Lebanon’s small Jewish com-
munity was executed “in
response to foe terrorist opera-
tions Israel is conducting
against our oppressed villages
in south Lebanon."

On Saturday, the same group
claimed responsibility for foe
killing of Ibrahim Benesti, who
it accused of spying for Israel.

Dr Hallak is foe fourth
Lebanese Jew to be killed by
the secret organisation.

Yesterday three Spanish
embassy officials kidnapped last
month in foe Moslem-controlled
sector of Beirut were freed.

Star Wars chief seeks
participation of Israel

BY ANDREW WHITLEY IN TEL AVIY

THE HEAD of the US Star
Wars Strategic Defence initia-
tive, Lt-General Daniel Abra-
hamson, said here yesterday
that Israel could help in the
programme because- of its
experience in the field of
defence short-range

missiles. *■

Gen Abrahamson is in Israel
on a three-day visit at the invita-
tion of General D£vid Ivrl, head
of foe state-owned Israeli Air-
craft Industries.

He said .. yesterday several
local companies were on the
verge of signing -contracts with
the Pentagon in connection with

research on the SDI programme.
- Israel is keen to get involved
in -the programme for both
technological and military
reasons, in the light of the spin-
off benefits likely to result
for ■ conventional military
grammes. "

Speaking to local industrial-
ists and military men in Tel
Aviv, Gen Abrahamson said
Israel had done experimental
and theoretical work in small,
free-election lasers, which was
of great interest to the SDI
programme. He invited Israel
to participate in a Californian
free-election laser project •

Baghdad

resumes
intensive
air strikes

IRAN said yesterday its
troops were continuing their
westward advance into sooth*
era Iraq as Iraqi warplanes,
grounded by bad weather on
Tuesday, resumed intensive
air strikes aimed at stem-
ming Iran’s 10-day-old offen-
sive! Reuter reports from
Bahrain.

With Us army making little
headway against I rani a n
troops bidding a wide area of
the Faw Peninsula in the
south, Baghdad said its war
planes were hammering
Iranian supply lines and
equipment dumps

Iraqi jets also hit an
Iranian naval base in the
northern Gulf and oil installa-
tions at Ganaveh, opposite
Xbarg Island on Iran’s Gulf
coast, Iraqi military com-
munjqnes said.

Tehran Radio said Iranian
troops had advanced further
towards an Iraqi naval base
at llznm Qasr on the Kuwait
border.

Punjab dashes

Sikh extremists killed six
Hindus yesterday in a series
of attacks which threatened
communal peace in India’s
northern Punjab State,
Reuter reports. Police raid
five people were wounded in
the attacks and six more were
wounded when polke opened
fire to break up dashes be-
tween Sikhs and Hindus in
the town of Batala.

31 killed in blast

Thirty-one Sinhalese for-
mas and four Sri Lanfcen
soldiers were killed yesterday
In a landmine explosion on a
road in the north-east dis-
trict of Triucomalee, writes
Mervyn de Silva in Colombo.
They were travelling to a
market town In a convoy with
an army escort. At least 30
others were reported injured.

Japan output rise

Japan’s December indus-
trial production index (base
1980) was revised downward
to a seasonally adjusted 122.0
from a preliminary 122 J. the
Ministry of International
Trade and Industry raid yes-
terday, Reuter reports from
Tokyo. The revised December
index was LS per cent up on
November. It was also 1.6 per
cent np from a year earlier.

Chns SherweH assesses the likely effect of the Philippines boycott campaign

Marcos business cronies under attack

WHEN Mrs Corazoa Aquino
unveiled a seven-point pro-
gramme of non-violent protest
to hex supporters in Manila last
weekend, three of the steps
were directed specifically at
President Ferdinand Marcos’s
doss business associates— > dis-
paragingly known in foe Philip-
pines as “cronies.”

Over the 20 years of Marcos
rule these friends and relatives
of the President have acquired
extraordinary wealth and influ-
ence through official favours,
privileges and connections.
Though some have fallen by the
wayside, costing the country
dearly in foe process, those
who survive hive prospered
spectacularly.

They are now key targets in
the escalating civU disobedi-
ence campaign being led by
Mrs Aquino, who remains con-
vinced that she won the dis-
puted Presidential election held
on February 7 and foot Mr
Maroos cheated ids way to pro-
clamation as President

At her “people's victory”
rally last Sunday, Mrs Equtoo
urged Filipinos to stage a
general strike after Mr Marcos
is inaugurated as President
next week. Her Immediate caB.
however, was for a boycott of
seven banks, four newspapers
and the products of San Miguel
Corporation, the food and
beverage business which is foe
country's largest manufactur-
ing company.

While some of foe banks,
like foe Philippines National
Bank, are targeted because they
are Government-controlled, foe
obvious focus of the call is a
tiny group of Mr Marcos’s best-
known and longest surviving

cronies.

The most important of tfcse
is Mr Eduardo Cojuangco,

chairman of San Miguel and
foe country’s “coconut king,"
who is widely regarded as one
of foe most influential men hi
foe Philippines.

As producer of foe most
popular beer in foe Philippines,
San Miguel contributes hugely
to foe Government’s tax
revenues. It is involved In the
production and marketing of
Coco-Cola and well-known
brands of milk, butter and ice-
cream, and hi numerous sectors
of agribusiness.

The coconut industry, foe
Philippines’ most important ex-
port earner, is completely domi-
nated by Mr Cojuangco. He
has vast areas of land planted
to coconut, buys up much of the
crop, owns most of the country’s
mills and dominates the copra
and coconut oil trade. He also
heads foe United Coconut
Planters Bank (Cocobank), a
key financing agency.

Ironically, Mr Cojuangco is
also first cousin of Mrs Aquino.
Although the family have been
split for years, and Mr
Cojuangco firmly delivered its
home province of Tarlac to foe
President in the election, some
people think Mr Co juan geo’s
corporate power would sustain
his influence even if Mr
Marcos were to leave office.
Either way, he is seen as a
power behind foe throne, and
a kingmaker.

A second important crony
targeted by Mrs Aquino is Mr
Roberto Benedicto, known as
the country’s “sugar baron.”
Like Mr Cojunageo, he also has
interests which stretch beyond

Roberto Benedicto . . . sugar
baron

a key commodity, in his case in-
to hotels, shipping and insur-
ance.

Mr Benedicto also controls
Republic Planters Bank, which
is linked to foe sugar industry’,
and Traders Royal Bank, both
of which were listed by Mis
Aquino along with Mr
Cojuangco's Cocobank. Mr
Benedicto also owns the Daily
Express, one of the four news-
papers named by Mrs Aquino.

Mr Benedlcto’s fortunes have

suffered recently because of the
collapse of world sugar prices

and foe slump in tourism in the

Philippines — he owns foe Holi-
day Tnn hotel in Manila. Last
year he also had to surrender a
Manila radio and television
station to Imee Marcos, the
President’s daughter. But his
influence in foe Presidential
palace is believed to remain
strong.

A third key Marcos associate
is Benjamin “Kokoy” Romu-
aldez. the brother of Mrs Xmelda
Marcos, Mr Marcos’s powerful
wife. He is the Philippines
ambassador to Washington, a
key appointment given foe
importance of foe US relation-
ship.

Mr Romualdez’s newspapers,
the Times Journal and the
People's Journal, were also
named by Mrs Aquino in her
boycott call, along with Bulle-
tin Today, a pro-Government
newspaper in which foe Marcos
family has an interest

Mrs Aquino speaking at a
well-attended rally outside
Manila yesterday, claimed the
boycott was already proving
effective.

The Bulletin newspaper,
which quickly lost 19 ad-
vertisers and some circulation
tills week, was prompted to
protest in a front - page
editorial after one day of foe
boycott The other newspapers
are weaker, and their profit-
ability must now be in question
as politically - minded news
vendors refuse to hold or
deliver them.

Shares of San Miguel weak-
ened sharply on Monday from
14 pesos to 11.50 pesos, and

crept back fractionally in foe
following two days. But these
price levels are well below foe
peaks of more than 30 pesos
seen a few years ago. Son
Miguel’s sales could suffer if
consumers are prepared to go
without beer and soft drinks or,
just as important, if retailers
and restaurateurs are pre-
pared to run down stocks.

Senior businessmen are
doubtful whether the boycott
can actually work, saying it is
not a proven political weapon
in the Philippines. Certainly
one foreign supplier which
counts San Miguel as an im-
portant client would not sup-
port foe boycott because it
would ultimately hurt bis own
shareholders.

The boycott moves, however,
are a long way short of what

Mrs Aquino still has open to
her. Key advisers say they
have deliberately avoided nam-
ing other cronies to keep foe
focus sharp and to demonstrate
" people’s power ” to any doubt-
ing supporters. They add that
pleas are now coming in from
other likely targets asking
what they should do to keep it
this way.

Beyond this there is plainly
plenty of potential for Mrs
Aquino to intensify the protest
campaign over the next few
crucial weeks. “Although un-
armed,” she said when she
announced her first measures on
Sunday, “1 feel like the young
boy David prepared to face the
giant Goliath ... if you are
with me, and if Goliath refuses
to yield, we shall keep digging
into our arsenal of non-violence
and escalating foe non-violent
struggle.”

Seoul police (surround
opposition headquarters

BY STEVEN B, BUTLER IN SEOUL

SOUTH KOREAN police yester-
day moved in police reinforce-
ments to surround foe head-
quarters of foe opposition New
K orea Democratic Party
(NKPD), in what party mem-
bers expected to be an attempt
forcibly to prev e nt a scheduled
meeting today of foe party’s
central committ ee.

The meeting was called to dis-
cus foe broadening of a signa-
ture campaign to revise South
Korea's constitution to allow for
a direct election of foe presi-
dent

The Gove rnm ent has declared
foe campaign and every action
associated wtih it illegal and

police have launched a massive
crackdown to prevent foe cam-
paign from getting off the
ground.

Mr Chon Doo-hwan, foe presi-
dent has repeatedly refused to
consider any constitutional re-
vision before his term of office
ends in 1938.

In the past three days police
have detained 112 dissidents and
oppositi on me mbers, according
to foe NKPD. By yesterday 27
were still in custody, although
an unknown number were re-
leased during foe day. They
may still be subject to formal
charges.

Johannesburg township
calm after Tutu appeal

BY ANTONY ROBINSON IN JOHANNESBURG

Angola attacks
Unita aid pledge

ANGOLA said yesterday foe
Reagan Arf«n<nfa fr ratln n , «l

decision to arm Sooth Afri-
can-backed Unita rebels
amounted to a “declaration
of war” on the Luanda Gov-
ernment, Reuter reports from
Luanda.

“It can only lead to an
escalation of violence in
southern Africa as Washing-
ton continues to increase co-
operation with Pretoria,”
Angola’s official radio said.

Mr Chester Crocker, Wash-
ington’s Assistant Secretary
of State for African Affairs
official, said on Tuesday that
“both moral and material
assistance” would he given to
Unita.

THE black township of Alex-
andra in thenortfaem suburbs
of Johannesburg was quiet but
tense yesterday after negotia-
tions between church leaders,
led by Bishop Desmond Tutu,
and the police. Both sides ap-
pealed for calm.

However, eyewitenesses said
that police shot dead three chil-
dren, aged between 12 and 14,

large crowd at Alexandra sta-
dium on Tuesday.

The crowd agreed to disperse
quietly after police undertook
to reduce foe large army and
police presence in foe town-
ship, allow residents to visit
the mortuaries to identify foe
dead, and stop making house-
to-house searches at night

bringing foe death toll in four
days of violence to at least 22.

Much of foe credit fbr help-
ing to defuse foe tension in foe
township has been attributed to
Bishop Tutu, who at consider-
able personal risk, addressed a

Meanwhile, police reported
several violent incidents in
townships in widely scattered
parts of foe country, including
a hand grenade attack on a
policeman's house in Mamelodi
near Pretoria.

Electricity
talks the
language of
Industry

I ncreasing demand for our hand-
made roofing tiles created a production
bottl en eck at the drying stage: Converting from
a fuel-fired drying tunnel to electric heat
pumps solved our drying problem,
reduced rejects and halved energy costs
into the bargain.

Electricity certainly had a Ak

worthwhile message for us. / /

Cohn Taylor;

Managing Director; Keymer Tiles.

Across the country in companies
both large and small, electricity is helping
industry reduce costs and increase productivity
An electric infra-red stoving oven has
enabled TJ Biters, who produce a large range
of oil filters, to double their output, improve
finish, and cut production costs by 40%.

At Callanhart Limited, producers of
decorative ceramic ware, a new twin-hearth
electric kiln using night-rate electricity has
cut energy costs by almost 40% compared
with their gas-fired kiln. More reliable
operation with fewer rejects has increased
productivity and helped recover the cost of
the kiln in under fourteen months.

The list of examples is growing daily
All proving that electricity is likely to talk
your language, too.

We’ve produced a short VHS video on
which managers from industry describe how
electricity has improved their companies’
efficiency and productivity For your free copy
or for further information, just return
this coupon with your business
card, letterhead or compliments
slip attached. JHllJiIiiiKv

"Er Electricity PabbcanoDS,PO Box 2, Feldum, Middx TW14 DIG.
Please send me (rick as appropriate):
j | The VHS video cassette.

Information, on: ( | Hear pump drying

| | Infra-red drying j | Electric firing of ceramics

Q Hease arrange fcr sm Industrial Soles Engineer to antra: im
Name

Company-

Address.

WXOU&

Rastcode.

_ Telephone.

MVE5TUCI1IIC

The energy-efficient switch.

Thr Hrffrieity C nimnl Fn^Limi fe ttiilw

6

WORLD TRADE NEWS

Financial Times Thursday February 20 1886

US and Europe
head for trade

war of words

BY CHRISTIAN TYLER, TRADE EDITOR

A TRANSATLANTIC trade dis-
pute over the printed ward is
about to engage the attention
of politicians in the US and
Europe.

The EEC is enlisting the
support of printing companies
throughout Europe to challenge
an American prohibition on the
importation of books fay US
authors printed abroad.

As part of that campaign, the
British Printing Industries
Federation will today suggest
ways of retaliating against the
prohibition in talks with the
UK Department of Trade and
Industry.

The dispute has been en-
livened by the tabling of a Bill
in the US Congress by Senator
Strom Thurmond, a right-wing
Republican from South Caro-
lina. According to the British,
Sen Thurmond's bill would re-
place a measure dating bade to
1881, but due to lapse in July,
with an even tougher proposal.

His amendment to the US
manufacturing clause of the US
Copyright Act -would prohibit
the impart not only of books
but of any printed words
penned by American writers.

The British are reluctant to
suggest to the EEC that the re-
taliation should be in kind.

They would like to abide by the
terms of a Unesco convention —
the 30-year-old Florence Agree-
ment — that cultural material
should not be subject to im-
port tariffs.

Instead, the BFIF will suggest
taxing or restricting US imports
of goods in which there is a lot
of packaging.

The British claim that Euro-
pean printers are being denied
access to a huge market worth
$34bn a year. If the ban were
lifted, they would expect to
take some 30 per cent of the
import market, or around $250-
300m worth a year.

A disputes panel of the Gene-
ral Agreement on Tariffs and
Trade ruled in 1984 that the US
prohibition was in breach of
Gatt rules. The decision was
accepted by the US Admini-
stration and it was widely
assumed that the measure
would be allowed to lapse. ,

But last month the EEC fired
off a second protest to Washing-
ton, warning the Administration
of retaliatory action.

The American printing indus-
try has protested that if the i
protection were lifted, then
172,000 jobs in the US would be
lost.

Saudi venture faces
penalties on contracts

BY FINN BARRE IN RIYADH

THE SAUDI joint venture in*
volving John Laing and George
Wimpey, two of Britain's largest
consrtuction companies, is fac-
ing penalties from the Sauli
Arabian Government which
claims failure to complete
contracts.

Mr Mohammed Al-guwaihes,
Director-General of the Minis-
try of Health's department of
projects and maintenance, said
the joint venture. Tiling Wim-
pey Alireza. had received com-
plete payment on two hospitals,
and 90 per cent on a third. The
company, he said, would now
have to forfeit its performance
bonds, worth $5.5m because of
tiie failure to complete the
work.

The two groups are joint
venture partners with Hajji
Abdullah Alireza and Co. of
Jeddah. Each partner holds 33)
per cent.

The Ministry of Health says
it has paid the entire cost of
the $29 .86m contracts for two
100-bed hospitals in the Qassim
area but contends that the hos-
pitals, in Al-Bukhariya and Al-
Midhnab, were not 1 completed
properly. The ministry said
they had found the $46B5m
Jubafl hospital unfinished, and
had made 90 per cent of the
payments.

Wimpey said; “We would ex-
pect some alert if the bonds
were to be called in, but they
have not been, and we do not
expect them to be."

Tony Walker examines a business chiefs suggested solution to Israel’s trade deficit problem

Israel looks to its high-tech entrepreneurs

MR STEF WERTHEIMER, head of
the successful Iscar group which
makes most of its money from man-
ufacturing precision cutting tools,
has a straightforward plan to wipe
out Israel's big trade deficit of about
$2bn in 1985.

It is to encourage a new Israeli
entrepreneurial class to create ex-
part-oriented businesses in the
technical field that will double the
□umbers of those engaged in manu-
facturing products for export.

Mr Wertheimer, sometimes re-
ferred to as the "Godfather of high-
tech" in Israel, estimates that the
whole Israeli export effort involves
just 60,000 people out of a total pop-
ulation of just over 4m.

"What we've got to do is to get
some Israelis back from Silicon Val-
ley (in the US) and get a few more
companies going,” said Mr Werthei-
mer, whose motto is "Small is beau-
tifuL"

The German-bom entrepreneur,
who went to Israel in 1037, started
Iscar 34 years ago. With annual

sales of about 3100m, it is one of Is-
rael's most successful private com-
panies and proof, according to Mr
Wertheimer, of what can be
achieved.

Politicians are using companies
such as Iscar as models for a con-
certed drive to build up local-based
industry to provide well-paid jobs
for skilled Israelis who have been
deserting the country in droves for
better opportunities elsewhere.

It is estimated that thousands of
Israeli technicians are working in
the US where they can earn at least
four times the salaries available in
Israel. A second, and by no means
less important, aim of efforts to en-
courage new export industries is to
reduce Israel's awesome depen-
dence on US aid.

Mr Gad Yaacobi, Minister of the
Economy, said the Government was
providing matching grants, where
appropriate, for all industries, but
was particularly keen to encourage
high-tech businesses with export
potential.

Mr Yaacobi said the sector was
extremely dynamic, achieving
growth rates since the early 1970s
of between 12 and 15 per cent, com-
pared with gross national product
growth of 1 to 3 per cent. Sales of
high-tech items climbed from about
S200m in 1974 to S1.5bn a decade
later.

The development of high-tech is
not just an outcome of government
policies, " Mr Yaacobi said. "First of
all, it is due to the entrepreneurs."

Wor ld Technologies Investments
(WTI), which has its headquarters
in Tel Aviv surrounded by some of
the cream of Israel's high-tech com-
panies such as Scitex and Laser In-
dustries, was established to extend
the frontiers for the entrepreneur
by helping to raise funds for new
projects and by providing services
such as project-supervision.

Mrs Rin a Pridor, managing direc-
tor of WTI, whose original sharehol-
ders included Control Data of the
US, says one of her company’s

principal aims is to encourage
American "tax shelter" investment
in Israeli high-tech ventures.

Altogether, WTI has raised S25m
in the US, which Mrs Pridor de-
scribes as a "very respectable sum."
Seed money has been provided for
25 projects in 22 companies and.
she says, the "first birds are flying."

Among these initial successful
operations is Oshap Technologies
in the Tel Aviv coastal suburb of
Herzliya. which designs automation
systems (robotics).

Oshap recently concluded an
agreement with General Motors to

slow in bringing new projects to
fruition and her organisation had to
feel its way in selecting new ven-
tures. "We’ve made mistakes," she
says. "We are sow concentrating on
highly sophisticated products, not
mass-produced items and not con-
sumer goods which are done much
better by countries like Taiwan and
Hong Kong."

One of Israel's acknowledged
weaknesses in the high-tech field is
in marketing products.

WTI has a success rate of about
40 per cent "We break even," Mrs
Pridor said. "We even show profits,
but we have not become rich yet”

A warning to fledgeling Israeli
high-tech industries of the precar-
ious nature of their business was
the near-collapse last year of E2*
scint which manufactures medical
imaging equipment and has a work-
force of about 2500.

cuhies on "mismanagement" The
Israeli Government has helped to
bail out the company with a 535m
loan at a preferential interest rate.

Other established high-tech com-
panies have also experienced diffi-
culties, partly because of a squeeze
on Israeli defence expenditures.

Last October, the ne w s le tt er High-
tech Report published an index
showing that shares ia W p«mri-
nent high-tech companies were
down 25 per cent on the previous
year.

Despite such setbacks, a vibra nt
research and development effort is
constantly bringing forward new
products.

Medical Machines : for Export
(MME). beaded by Mr Yedifel Sbef-
fer, previously employed in the de-
fence sector, is developing a ma-
chine that treats tumours with deep
and concentrated heat.

Mr Shoffar, whose m a chine Is at
an advanced -stage of development,
is typical of many highly skilled for-
mer defence technicians who are
trying their look in the commercial

world.

"I wanted to create something
from the beginning in my way," be
yq id fo his sparse office in a run-
down Td Aviv neighbourhood. Tl is
the challenge”

market its systems in the US.

Mrs Pridor said progress was

It reported a S33m loss on fiscal
1985 sales of 5147m. Its bonk debts
alone totalled 5150m.

1>.V L! 1.1 ..J Jiffl.

Hungary urged to Import
more finished cars

BY DAVID BUCHAN

HUNGARY should overcome
its acute shortage of cars by
importing more completed
vehicles in exchange for Hun-
garian-made vehicle compon-
ents rather than agreeing to car
assembly proposals by General
Motors of the US and Suzuki,
of Japan, according to senior
Budapest ear traders.

Hr Tibor Johanczik, a senior
executive of Mogiirt, the
Hungarian trade organisation
that buys and sells vehicles,
said the best solution would be
for Hungary to increase the
quantity and quality of com-
ponents for foreign car makers,
in the East and West, and so
get more finished cars in
return.

Hogurf s proposal is to be con-
sidered by the Government. It
would effectively end negotia-
tions with Western and Japanese
car makers over assembling
their cars In Hungary, and
would reduce Hungary's barter
purchases of cars from Western
manufacturers.

Hungary, which long ago de-
cided to rely on imports rather
than produce its own cars, is
facing a growing shortage of
cars.

Hungary imports some 90.000
cars a year from Comecon,
about 8,000 from Yugoslavia and
some 2,000 from the West. But
with 200,000 people on the wait-
ing list to buy cars, some for up
to five years, the actual yearly
demand for cars is about
150,000, or 50 per cent in excess
of supply.

Budapest has been examining
two alternative ways of closing
the supply gap. But neither was
realistic. Hr Johanczik said.

One was the competing pro-
posals by Suzuki, Opel (General
Motors) and a third Western
company which Mr Johanczik
would not name to assemble
50,000-100,000 cars a year in
Hungary.

If such an assembly plant
were big enough to be efficient,
it would almost certainly be too
large for Hungary's limited mar-
ket and hard currency resources.

The other alternative was to
step up barter purchases from
such companies as Fiat, Opel,
Volkswagen, Renault and the
Japanese car makers, but such
deals would not bring in more
than 5,000 or 6,000 cars a year.
Hr Johanczik estimated.

Oman asks for
Tornado jets
delivery delay

By Richard Johns

OMAN has requested a post-
ponement of the delivery of
eight Tornado ADV interceptor
aircraft from the Fanavia con-
sortium. because falling oil
prices have hit the country's
revenues. The aircraft valued at
more £250m were ordered
only four months ago.

Delivery of the aircraft had
been planned for 1988, but the
Sultanate now envisages a delay
until about 1992, according to
Mr Qals bin-Abdulmonim al-
Zuwawi. Minister of Financial
and Economic Affairs.

Rescheduling of the deal will
not adversely affect the consor-
tium made up of British Aero-
space. Mess erschmitt-Bo elk ow-
Blohm and Aeritalia because
the RAF wii take up the order.

The RAF was forced to forgo
the first 20 of a total of 72 Tor-
nado aircraft They will be sold
to Saudi Arabia Instead under
the £5bn-plus deal finalised
on Monday.

Oman was understood to have
obtained preferential credit
terms under a loan arranged by
Morgan Grenfell which was to
have covered 85 per cent of the
contract value. 1

tations with the European
Economic Community over the
damage it claims will be
Inflicted on $lbn (£714m) a
year of its exports to Spain
and Portugal under the terms
of their accession to the Com-
munity.

Brussels’ initial response has
been that the US has no case,
hut this is unlikely to stop
another serious row developing
between the US and the Com-
munity in the sensitive agricul-
tural trade sector.

The EEC claims that the
measures to be introduced by
Spain and Portugal on March 1
are permissible under regula-
tions governing customs unions
in the General Agreement on
Tariffs and Trade (Gatt).

Spain will introduce from
March 1 a variable levy on im-
ports of maize corn and sorg-
hum, replacing the current
bound tariff of around 20 per
cent. The US savs EEC variable
levies — designed to equalise dif-
ferences between internal Com-
munity and world market prices
— average around 70 per cent.

The switch would “put us out
of the Spanish market," a US

trade official claimed. US
exports of corn and sorghum to
Spain averaged roughly $400m
a year in 1981-83.

Portugal undertook to intro-
duce a quota on imports of oil
seeds and vegetable oils. The
quota level has not yet been
fixed but would affect US
exports of soya products to Por-
tugal which have averaged
about $200m a year.

The US is the principal sup-
plier of grains to Portugal, a
business valued at some $400m
a year. Portugal has now under-
taken to buy 16 per cent of
its grain requirements from the
other EEC countries.

Washington claims that all
these trade measures are incon-
sistent with the GatL The prin-
ciple embodied in Gatt rules on
the formation or extension of
Customs unions is that its trade
restrictions towards other conn-
tries should not “on the whole"
be higher than they were
before.

Washington has not yet taken
the Iberian trade issue to GatL
US trade officials say they re-

ECGD offers
to back £250m
Algeria credits

By Franca Ghttti

BRITAIN'S Export Credits
Guarantee Department has
offered to underwrite credits
worth £250m as part of an
agrement with Algeria which
would cover steel, chemical,
transport, housing and agricul-
ture sectors.

Hie offer was made to Ur
Abdel Aziz Khellef. Algeria’s
Minister of Commerce during
his visit to London.

No single UK bank is ex-
pected to manage the line of
credit but different institutions
will provide funds for any
British projects.

British exports to Algeria de-
clined to £176m last year from
£27Zm the previous year while
imports from North Africa's
largest country fell from 5274m
to 5251m.

The new credit line does not
affect the £500m line of credit
for military purposes which the
ECGD offered Algeria in 1983.

It would appear to replace the
Elbn line of credit for housing
projects offered to Algeria in

gard the matter as urgent, and

have suggested retaliatory jects outside the hnmtiwg sec
action should be taken. .tor.

was usea out mosuy on pro

US in bid for talks on
exports to Spain, Portugal

BY WILLIAM DULLFORCE IN GENEVA
THE US has asked for consul-

SPEED PATIENT RECOVERY
WITH A COMPUTERIZED
GET WELL CARD.

When infection threatens, identifying it-and
the antibiotic to fight it-takes time. That's time
a patient may not have.

We found a way to pinpoint an infection
and identify a treatment in just hours instead
ofdays.

Our Vitek diagnostic system uses cards
containing M weUs” of dehydrated nutrients.

When a patient sample is introduced, the
infection feeds and grows. Light beamed
through the wells to a computer identifies
bacteria which are growing. Antibiotics in
wells of a second card stop the growth and
help the physician choose the best treatment.

The time saved is days. The ache saved is
appreciated. The lives saved are priceless.

We're creating breakthroughs in the way
things woric and the way people live.

We're McDonnell Douglas.

McDonnell Douglas Ltd.
Scotia House
66-68 Goldsworth Road
Woking, Surrey
GU211LQ

HEALTH CARE COMMERCIAL & MILITARY AIRCRAFT

01986 McDonnell Douglas CorporaBon

SPACE & MISSILES INFORMATION SYSTEMS HELICOPTERS FINANCIlte l Wy^^^lW

Financial Times Thursday February 20 1986

WAn€HB8€W6fiasO.W5«jak»^(iM.U^WWEMUS£«WM»WMa»SOTlHrBWBD*aFer«ffllLCfiOlPM;

WBinKcriiauanpiie«ciEfDBBaiMaeiai«caRiHani«BMONWi«iBBS8BB « w hstcf™h«bukx wbeut unenoiu WM*«cwoD«W8fflBi«cmiKi«<HraGONrMi<iw/®iCBCDeff6K*o*DW'i™TWfro^rac*«sof*^GWM«eiFrqn^^
VCW£GFWJfiGaMHBq(>KKU8SWKMn£IWgiaqUQimOFroTO«0UTOmS^AHIIIEDfmTIC5IOCXeOtMEfMy<^^

— • aa^»KTHf£fli4m8e&TM£^T«ajM^cmHLA^»«AajsutronwDamofKsncwoF^Fa!T^wi«u^w(^nttKK»e<ac««BCD5cowB9«rwH«sTc«oi

r-f-

\'4. .J'.i'l

[■m

IW

ltt>j

I V vi

I®

si

**ss

SCW*

•«aa

lip

sfenmn

?3$

mm

m

mtm

wm

1111

r?>*B

m

B

tmmt.

■Mtmm

m

m

■K*Xy8*,«i

IPNII

mm

tm

M

15^

mm

mm

i=>: .-* £

wmtmm

glL-^xp-^

WM

m

tmm

Wm

&afi.

8Rssmmw

Wm

rf:f b»’

lift.’X!

r»Aj,l

r--*x“ > v i

£
H

641p

ruary, 1986, Argyll

w

ft;. »i

:-x; 4 ;

'-TTfsfV-

hT* * i .

* «

‘fi* v»:i

U'*

H

w&

mm

3«>* .::*£

r v .v:.' ?:»>.

'K»f!

ifatt&V-;)!

*.'?■* r si

» <$ • fS»5“ *

SSf 5* </i &

C ,A v H.>V

!§f

V. MfyS.VX

rS:: ; #¥ 'f

Sm»«

<55

* '>>* w
fi'.. .Y_ s >

' '«A%r jJW&J&’ifc.’ l .'

* *7 ’v*X>

VCfe obviously value your company

more than your directors da

The value of the Argyll offer is 641p, 37p more than the offer recommended by the directors of Distillers. It is the only offer
available and remains open until Thursday, 27th February at 3pm. If you require a further form of acceptance or any advice
on how to complete it, please telephone 031-556 7761. Only Argyll can revive Distillers’ spirits. Accept the offer now.

8

In Dubai

the city's first 5 Star Hotel
is the choice for those who

know the Gulf.

DUBAI

INTER • CONTINENTAL
HOTEL

THE ADVANTAGE IS INTER-CONTINENTAL®

ft INTER- CONTINENTAL HOTELS

^ 0

V

Bin Y jss Street. P.O. Box 476, 971 (4) 227171. Tele*: 45779.

For reservations call: Amsterdam: (020)26.20.21. Brussels: (02) 751 -B7-27 Frankfurt:
(P6«J 271 00620 London: (Oil 491-7181, Milan: (02)87.72.62. Pons: (01)47-42-07-92 ©real) your
nearest [nter*Cantinental sales office or your travel agent.

/

This announcement appears as a matter of record only

A llitalia

Li nee Aeree Italian

e S.p.A.

ECU 100,000,000

10 Year Term Loan Facility

• Lead Managed by ■

Chemical Bank International Group
Credit Lyonnais

Istituto Bancario San Paolo di Torino

Chase Investment Bank

Generale Bank/Banque Beige Limited
The Mitsubishi Bank, Limited

Managed by

Banco di Roma International SJV.

Banque Paribas (London)

Sanwa International Limited

Banque Internationale a Luxembourg

Societe Anonym*

Canadian Imperial Bank of Commerce

Co-Managed by

Banca Narionaie defTAgricoHura - London Branch
LicwMdDtportWwf

Cassa <fi Rispamtio deUe Province Lomborde

(London Branch j

Funds provided by

Chemical Bank, A.G.

in association with

TheChase Manhattan Bank, N.A.

Istituto Bancario San Paolo di Torino

(London Branch)

Credit Lyonnais

Banco di Roma International S.A.

Banque Paribas

The Sanwa Bank, Limited

Cassa di Risparmio deffe Province Lombarde

(London Branch)

Den Danske Bank International S.A.

San Paolo-Lariano Bank S.A.

The Mitsubishi Bank, Limited

Chemical Bank (Guernsey) Limited

Generale Bank S.A./N.V.- Banque Beige Limited

Banque International a Luxembourg

Societe Anonyme

Canadian Imperial Bank Group

Banca Nazionale delPAgricdtura — London Branch

Licensed Deposit Taker

TTie Chuo Trust and Banking Company, Limited

Kansallis-Osake-Pankki

Agent

Chemical Bank

December 1985

By Kenneth Gooding, Motor Industry Correspondent

CAR IMPORTS continued to
pour into the US. the world’s
biggest market, last year as
companies in Japan and
Western Europe took the view
that they would not have much
longer to make huge profits
from the strength of the dollar.

No fewer than 14 companies
pumped record imports into the
US: Audi, BMW, Honda, Isuzu,
Jaguar, Mazda, Mercedes, Mitsu-
bishi, Nissan, Porsche, Saab,
Subaru, Toyota and Volvo.

Total imported car sales
reached a record 2.84m, to take
a 25.7 per cent share even
though the US market was still
well below the peak 11.446m
registrations reached in 1973.

The US Commerce Depart-
ment bas Just totted up the cost.
Car imports in 1985 cost the US
$37.6bn, up from $30-Zon the
previous year. In contrast, ex-
ports brought in only $6bn last
year against S4.87bn.

So the US car trade deficit
reached a record 331bn, nearly
one quarter more than the
$25bn for 1984.

Japan, which Is responsible
for 78 per cent of imported, car
sales In the US, sent SITbn
worth of vehicles last year, a
30 per cent increase on the
S13bn in 1984 — a dear indica-
tion that the Japanese are
selling higher-value cars to
compensate for the volume
restrictions their government
has Imposed on them.

That voluntary restraint still
did not prevent Japanese car

sales in the US passing 2m for
the first ume last year.

That was in a market which
reached 11m for the first time
since 1978 and was the fourth
highest on record. Growth
slowed considerably for the
domestic producers, however.
They pushed up their sales by
17 per cent in 1984 but last
year the improvement was of
only 3.2 per cent or 225,000
cars.

Chrysler, the third largest
US group, has recovered so well
from the financial collapse at
the end of the 1970s that last
year its sales topped lm.

The only company to miss
out on the growth was
Americas Motors, the Renault
associate. This enabled one of
the new US producers, Honda,
to move ahead.

Another Japanese group,
Nissan, assembled its first
“ American ” car last year
and is likely to overtake Volks-
wagen in the US producers®
league table in 1986. VW was
content to keep its US assembly
plant ticking over last year
while making as much money
as possible from the over-valued
dollar.

And there were 74,000 high-
priced Audi models among the
214,500 imports VW sold in the
US in 1985.

Total imported car sales in
the US rose by more than 16
per cent and only the French
lost significant ground, mainly
because the models Renault and
Peugeot offer in the US are
now looking long-in-the-tooth.
Peugeot's position was not
helped by a dispute about policy
between its import company
management and the US
dealers.

Nissan reclaimed the second
place it lost to Honda in 1984 in
the importers’ league when US-
assembled cars and imports are
both taken into consideration.

Mitsubishi, which supplies a
great many imports to Chrysler
for sale with Plymouth and
Dodge badges on them, moved
ahead of Volvo even though the
Swedish group for the first time
sold over 100,000 cars in the
US.

Among the other changes in
the ranks, BMW passed Mer-
cedes in the US market; some
consolation to the Bavarian pro-
ducer which had a hard time in
its domestic market last year.
According to estimates by DRI
Europe, world car sales reached
3 1.8 9m in 1985. The six major
markets covered in thin review
accounted for more than. 68 per
cent of that total.

Sales advanced in all the
major countries except for West

Germany, compared with 1984.

In Japan, the second largest
car market, the picture last
year was similar to that seen
in 1984. Toyota, which domi-
nates the market, continued to
open up the gap between Itself
and Nissan in second place.

Honda continued to make
headway — but still that com-
pany sells nearly twice as many
ears in the US as in its home
market— and the other domes-
tic producers mainly fell back.

The aggressive tactics of
Nissan, trying desperately to
recapture ground lost to
Toyota, have embroiled all the
manufacturers In price warfare.

The extent of die damage can
be judged from a survey which
showed 34 per cent of car
dealerships in Japan were
operating at a loss in the year
to March 1985.

Sales of imported cars in
Japan improved again last year,
mainly because of the efforts of
the West German producers.
The Japanese authorities have
also made changes which make
it easier to import small num-
bers of cars and this could help
Imports rearii about 2 per cent
of the market in 1986.

That still will not pacify
critics of the massive Imbalance
in Japan’s car trade with the
West Imports to Japan still
represent less than two days
output by the Japanese car
industry. In contrast exports
to the US were equivalent to
the annual production of seven
medium-sized car plants and
those to western Europe would
fill four factories for a year.
Japanese imports contributed

Renault the leader two years
ago. 10.7 per cent (10.9 per
cent).

The Japanese made most or
their West European gains last
year in the West German
market where, for the third
successive year, their sales aud
market share increased.

Sales exceeded 300200 for
the first time and actually
reached 311.000 for a 13 per
cent market share, up from
285.000 and 11-9 per cent in
1984.

West Germany was still
plagued for much of 1985 by
uncertainties created by the
debate about car pollution and
how die government might en-
courage a switch to vehicles
with emission controls.

Daimler-Benz, the Mercedes
group, caused the greatest
upsets in the distorted market
place. The company was already

in a very strong position to

to the highly competitive condi-
tions in the 17 i

main West
European car markets last year
and their share readied a
record 10.7 per cent, up from
10.2 per cent in 1984.

Total west European car
sales improved by 4.6 per cent
to 10.66m, but that was not
enough to mop up the excess
capacity which is the under-
lying reason for die stiff price
competition throughout the
region.

Volkswagen-Audi emerged as
winner of die West European
new car sales race last year, for
the first time in its history.

VW-Audi had a 129 per cent
market share (12.0 per cent in
1984); Fiat, in second place for
the second successive year, had
12 2. per cent (12.7 per cent);
Ford, down from first place,
11.9 per cent (12.8 per cent);
the Peugeot-Citroen-Talbot
group 11.6 per cent (112 per
cent ) . General Motors, the
Opel-Vauxhall combine, 11.4
per cent (11.1 per cent) and

make headway following the
launch of the “small" Mercedes,
the 190, and new mid-sized
models in swift succession. It
also had diesel engines avail-
able throughout the range at
a time when German customers,
spurred by the pollution debate,
moved to diesels in droves,
taking the diesel share of car
sales to about 30 per cent

That combination enabled
Mercedes to increase its home
market share up from 9.8 per
cent to 11.6 per cent and to
overtake Ford in the process.

More important, as far as
Mercedes is concerned, the new
190 outsold BMW’s competing
3-series models. BMW says it
relied too heavily on catalytic
converters rather than diesel
engines to appeal to environ-
ment-conscious customers. It
expected half its cars to be sold
with tiie “ cats ” but the uptake
wa$ only 25 per cent.

BMW also has fewer com-
pany fleet customers than Mer-
cedes. Its affluent private
buyers tend to have reasonably
new cars and can afford to wait
for the environmental dust to
settle.

However, BMW now has a
broader range of diesel-engined
cars available and expects to
regain lost ground in its
domestic market In 1988.

Volkswagen's leap to West
European market leadership
was based only partly on its
domestic sales— which went
well last year. But the new VW
Golf, so severely critlsised in
some quarters it was first
launched for looking too much
like its predecessor. Is now
Europe's best-selling car and
gave the company very signi-
ficant sales improvements In

Italy and France— both markets
virtually closed to Japanese
car imports.

Price wars raged in both
markets but the position ww
worst in Italy where the VW
Golf not only battled with Fiat's
Uno but also with the new
Renault 5, the " Superdnq.”
another cat that looks very
similar to the model It
replaced.

Renault was determined to do
well in Italy with the R5 and
priced the car very competi-
tively. Although the Fiat Uno
is now due ' for a * facelift.
Flat did not give up too much
of its home territory despite the
major advances made by both
VW and Renault

Ford lost share in Italy,
partly because it is now deter-
mined to make reasonable
profits throughout Europe and
has been reluctant to cut prices
too low, and also because it was
well known that its best-selling
EBcort/Orlon models were to be
heavily revised this year.

It was a similar story for
Ford In France where it lost
penetration while VW made
substantial gains. But Ford
remained the leading importer.

Another very successful new
model, the Peugeot 205, helped
the Peugeot • Citroen - Talbot
group retain market leadership
in France at a time when tta
main competitor, state-owned
Renault still had some way to
go to complete tin revitalisa-
tion of its range.

Renault was also continuously
in tile public eye as the media
discussed at length Its financial .
problems and the steps it was
taking to reduce the workforce,
usually in disparaging terms.

Car sales are expected to
increase this year in all the
major West European countries.
The rebound in West Germany
after two years of recession
could be considerable. A boom
is forecast for JApen where ears
bought in the previous record
years, 1979 and 1980, now need
to be replaced.

However, world sales are still
likely to fall-— to about 3L78m
tills year — because of a decline
in the US where car registra-
tions could slip to 10.5m if they
follow the normal cyclical
pat te rn.

That Anticipated fall in
demand and the recent weaken-
ing of the dollar's value against
most international currencies,
suggest there win not be so
much gravy for She car
exporters to mop up in the US
in 1986.

A review of the UK ear
market in 1985 appeared in the
FT on February S.

UNITED STATES

1984 %

Total market 10,391265 100

Domestic 7,951,517 78 aT

General Motors 4287,508 44.14

Ford .. 1,979,317 1824

Chrysler 986298 9.5

Honda 133,693 L28

American Motors 199,255 123

Imports 2,489,848 23.48

Toyota 557,981 5.34

Nissan 485,298 427

Honda 374319 3.61

Volkswagen- Audi 174,716 138

Mazda 169.666 1.63

Subaru 157,385 1.52

Mitsubishi* 87494 624

* Includm Import* sold by Chryalsr.

WEST GERMANY

1985

%

11,042,658 100 Total market

1984

2293239

%

108

1985

2279261

%

180

820*242 7429 Domestic -

4207,458 41.72 Volkswagen gram

2,670,392 18.74 General Motora/Opel

1,139236 1023 Mercedes

145276 122 Ford*

123,449 122 BMW

1276,493 70.6
667287 2720
389,683 1626
233249 920
293,745 1220
159274 6.70

1280,428 69.40
679278 2820
367238 1520
273228 112
255,635 10.70
144262 6.10

620247 5.61 Flat

JAPAN

1984

%

1985

Total market

3295,706

100

3264246

100

Domestic

3253,727

98.64

8,054265

9828

Toyota

1274210 4128

1222293

4222

Nissan

804222

26.00

781262

2529

Honda

246,156

725

296248

9.55

Mazda

215215

825

189,798

621

Mitsubishi

198,456

6.41

168298

5.42

Daihatsu

107280

326

97234

324

Subaru

88291

225

82,119

22S

Suzuki

77225

220

68231

220

Isuzu

41278

123

46232

1.50

Imports

41279

126

50,981

122

Volkswagen group

15211

029

18278

029

BMW

8254

028

11,767

028

ITALY

1984

%

1985

%

Total market

1236207

100

1,748203

100

Domestic

L03L188

632

1247215

502

Flat group

888,785

542

912,414

522

Alfa Romeo

119,487

72

112209

62

Nuova Innocent!

18295

LI

14262

02

Imports

717,446 30.0

728,833

3628

Flat -

109,727

4.6

102258

4.30

Peugeot Group

95247

4.00

97249

446

Renault

88282

326

74,699

3.16

Mazda

63,474

2.70

66,863

220

Nissan

58,018

ZAO

SX9K9

2.60

Toyota

S3232

226

61482

220

Mitsubishi

44271

120

45482

120

• Includes Imports tram Ford factories outside Germany.

UK

1984

%

1985

Total market

1,749247

166

1232208

160

Domestic

743279

42.48

767236

4129

Fort*

486271

2723

485,628

2620

BL/ Austin Rover

312254

1724

327255

1720

General Motors ‘/Vauxliall

282235

16.17

363,473

1626

Peugeot group*

95,081

523

101214

523

Imports

Nissan

Vol k swa g en- Audi

Renault

Velve

Flat group

1206268 5723
106260 628
96203 522

50,779 3.42

59272 328

50,262 227

• IncJudaa Imports from companies* Continantsl factories.

1,064,772 58.11
105217 5.76

103277 5,67
70222 3.85
59249 125
57237 3.14

Imports

Renault

Volkswagen- Audi ...
Peugeot Group ......

Ford

General Moters/Opel
Seat

605219 37.0
145276 82
96272 S2
208229 62
73256 42
54215 13
31299 12

701288 40.1
175,052 102
142236 82
117227 6.7

69235 42
58204 32

37289 2.1

FRANCE

1984 a*

Total market 1,758240 108

1,127,792 64.14

Peugeot group 582201 33.13

Renault 544268 30.99

bn^rte 630248 35.86

Volkswagen-Audi 97228 525

Flat 97228 523

General Motors/Opel 76,485 425

BLMustiu Rover 30293 123

30220 1.72

1985 %

1,766261 109

1220,444 63A0
612231 34.70
507282 28.70

646217 36.60
134201 720

111208 62
93267 527

88239 5.00

32415 122
29251 126

:o and through the USA

See your

For the third year running TWA is
the official HMSTST airline. We fly

to New York twice every day

from London. See your TWA Main Agent

Cf

TS

Financial Times Thursday February "20 1986 00

UK NEWS

a-.

, 1 >-

Statistical
switch
for jobless
figures

By Phmp Stephens,

Economics Correspondent
THE GOVERNMENT yesterday an-
nounced new proced u res for count-
ing the number of unemployed
which it expects to result in a fall in
the recorded jobless tots! of around
55,000 from next month.

The news prompted a storm of
protest from Opposition leaders in
the House of Commons, who ac-
cused the Government of seeking to
"fiddle" the unemployment figures.

There were also angry exchanges
at the way that the awnrHiwompn^
made in a parliamentary written re-
ply by Lord Young; the Employ-
ment Secretary, had been leaked to
the press before MFs weretokL
Lard Young said that an. the ad-
vice of official statisticians the Em-
ployment Department had decided
to delay publication of the monthly
jobless figures to allow a more accu-
rate count

The Department is -also to begin
publishing additional statistics
showing the unemployment rate as
a percentage of the total labour
force, taking into account the self-
employed and the armed forces.
This is likely to show a rate about
1.5 percentage points lower than
the existing figures, which relate
purely to the employed labour for-
ce.

The timing change Is the latest in
a series of major adjustments to the
official figures that the Government
has made since it first game to of-
fice in 1979.

In 1982 the definition of those in-
cluded in the count was changed
from those registering for work to
those claiming benefit That had
the effect of reducing the total by
190,000. A further change in 1983
excluded those aged 60 and over
who were no longer seeking work,
reducing the recorded total by a fur-
ther 180,000.

The new procedure introduced
yesterday will give s three-week pe-
riod between the official count date
and the final compilation of the sta-
tistics instead of the present one-
week interval. That should elimi-
nate what government statisticians
believe is significant over-record-
ing-

In an explanatory note the Em-
ployment Department said that a
recent investigation had shown "an
unacceptably high level of over-
counting of claimants who, al-
though no longer unemployed, con-
tinue to be included In the monthly

figures." - . — - • —

The figure varies from month to
month tut averages around 65,000,
it said. The extra twoweek delay
after the count will allow statisti-
cians to incorporate more detailed
information an people who had
found work, eliminating around

55.000 of the ovex^couniing, the de-
partment added.. .

There were vigorous denials m
Whitehall of any suggestion that
the change had might have been
prompted by - political consider-
ations after two sets of unexpected-
ly bad unemployment figures is De-
cember and January. "

Mr Paul Dworidn, the Director of
Statistics at the Department of Em-
ployment, who recommended the
change said: "In my judgment this
is being done purely on the basis of
statistical considerations." Other of-
ficials added that the decision to
publish separate figures showing
unemployment as a percentage of
the total labour force brought Brit-
ain into line with several other in-
dustrial countries.

Whitehall statisticians concede,
however, that the present official
figures may be under-recording the
true level of unemployment if inter-
national definitions are applied.
Using the convention suggested by
the International Labour Organisa-
tion would give a figure around

150.000 higher than the one at pub-
lished by the Government

Safety checks
ordered over
N-plant leaks

BY MAX WILKINSON, RESOURCES EDITOR

THE BRITISH Government is
sending in a team of safety inspec-
tors to carry out tests on the trou-
bled nuclear reprocessing plant at
Sellafield in north-west En gland

The announcement was sur-
rounded by a mounting political fu-
rore over the latest leak of radioac-
tive material at the plant The 12 in-
spectors are expected to start work
today.

British Nuclear Fuels (BNFL),
which operates the plant said last
night that in the latest incident two
workers suffered "slight skin con-
tamination" after 250 gallons of low-
level radioactive water escaped
from a fractured pipe.

The leak is the latest in a series
of incidents and disclosures which
have angered environmentalists
and have threatened to generate
considerable political heat

Yesterday Dr Garret FitzGerald,
the Irish Prime Minister, expressed
his concern about radioactive leaks
during a breakfast meeting with Mr
Neil Kinnock, leader of Britain's
Labour Opposition.

Mr Alan Beito, the Liberal par-
ty's deputy leader, called for the
suspension of nuclear waste repro-
cressdng at Sellafield until the
plant’s safety had been checked by
a team of international experts.

However, there is little sympathy
for this idea in government circles.
Ministers believe that the signifi-
cance of recent events has been ex-
aggerated out of all proportion by
environmental groups.

A spokesman for BNFL mini-
mised the danger from the recent
leakage, which was contained in a
concrete trough. He said only two
workers came into contact with the
radioactive fluid. They wore protec-
tive clothing and after washing and
later checks were shown to be clear
of contamination.

The pipe which fractured, per-
haps as. a result of a heavy frost,
was described as “redundant" and
not part of the plants operational
system.

Two weeks ago 15 workers were
contaminated by a plutonium mist
which escaped while repair work

Thorn screen buy-out
faces funds shortfall

FINANCIAL TIMES REPORTER

THE MANAGEMENT team try-
ing to buy Thera EMTs Screen
Entertainment di vision is be-
lieved to be still £40m short of
raising the £U9m offer price with
only eight days to run to the
dealline.

In addition to the £2Qm com-
mitted by Mr Alan Bond, the
Australian businessman who is
chairman of Airship Industries,
toe British company which man-
ufactures airships EStea in prop-
erty-based loans is already
secure.

In December, the management
team put down a Elftm deposit on
the mvisioa which groups 196
cinemas, a film library with more
than 2,000 titles. Elstree Studios
and a profitable video tfistribn-
tion business. The balance is doe

on February 28.

Mr Gary Dartnall, chief execu-
tive of the new company, which
win be calledScreen Entertain-
ment, is in the US this week to
meet potential new equity inves-
tors to dose the gap.

Mr Michael Garston, of Bear
Stearns, the US securities firm
which is raising the for

the boy-out, said yesterday:
“Everything is going fine. We are

going to get this deal done.” B,
however, all the money can not
be raised before next Friday, it is
likely the management buy-out
team will ask Thom EMI for an
extension - something that
would probehly be granted.

For his present investment Mr
Bond will take between 45 and 49
per cent of the equity. If there is
difficulty in niisng the necessary
finance some observers expect
Mr Bond to increase both his in-
vestment and his equity to take a
controlling interest.

It is understood that in addi-
tion to the huids needed to com-
plete the purchase. Bear Stearns
has also yet to complete a □00m
raffing loan facility to fund fu-
ture film production for Screen
Entertainment. Guinness Ma-
hon, the merchant bank, is also
involved in raising such a facili-
ty-

Mr Gerald Ronson, chairman
of Heron International, who
made a joint bid for Thorn EMI
Screen Entertainment with Can-
on, the film and cinema compa-
ny, indicated recently that he is
still interested if the manage-
ment buy-out should fail to go
ahead.

New moves to speed personal
injury hearings in the courts

BY A. H. HERMANN, LEGAL CORRESPONDENT

RADICAL PROPOSALS for cutting
down delays and costs in personal
injuries litigation in the High Court
and in the County Courts were un-
veiled yesterday by. lord Ffaflsham,
the Lord Chancell o r.

About 55,000 people - out of scone
3m injured each year in England
and Wales - start court proceedings
for personal injuries. An investiga-
tion by Inbucon, a management
consultancy, sponsored by toe Lord
Chancellor, revealed that it can
take three years after an accident
to get a case rtartedj and that High
Court cases can Take up to six, or
more, years to conclude.

Lord Hailshanu who formerly
specialised in perebnal in juries liti-
gation, said he was involved in
cases taking eight years, and short-
ly before Christmas last year, two
cases were decided after 10 years’
delay.

The costs are proportionate to the
delays. In the High Court to each
E100 of damages awarded has to be
added legal costs of between £50
and £70. In toe County Court toe
costs are even greater, representing
between 105 and 175 per cent of
awarded damages.

Tim proposals aim at reducing
the time limit- for the starting of

court proceedings from three to one
year after an accident They envis-
age better and faster preparation of
the trial and a drastic reduction of
oral hearings. Smaller claims would
be adjudicated on the basis of docu-
ments alone.

These proposals are well in line
with those recently made for the
simplification of the Commercial
Court work and seem to indicate
the general trend which will be tak-
en by the Civil Justice Review of
which they are toe first result

The Review Committee, estab-
lished in February 1985, is Chaired
by Sir Morris Hodgson, chairman of
British Home Stores, and includes a
number of laymen in addition to
judges and lawyers.

Lord Haflsham said that after the
meagre results of some 14 previous
inquiries, processed mainly by the
legal profession, be has this time
turned to the wider public. In addi-
tion to toe consultation document
available on request for £1; 100,000
copies of a free leaflet, with ques-
tions designed to be a sort of public
opinion poll, are being distributed
to public libraries mid Citizens
Advice Bureaux.

Much of the present delay is due
to stow or faulty work by solicitors.

and the proposals call for special
qualifications for solicitors engaged
In personal liability work. They
would also introduce penalties to be
administered by the court for un-
justified delays caused by a 1
solicitor.

Simpler cases would be judged by
a procedure modelled on toe Crimi-
nal Injuries Compensation Board.
The adjudicator would be a working
judge, a registrar, a solicitor or a

barrister approved for the purpose,
who would decide on the basis of
written evidence without a hearing ,
thnng h the parties would have the
right to a full hearing on request

The procedure for bigger claims ;
should be made faster and more ef-
ficient Parties would be required
not to keep evidence for surprises
during a trial. The court would lay
down a timetable with appropriate
sanctions for non-compliance.

With the exception of the shorter 1
time limit for bringing an action, ,
and of toe written adjudication
procedure, most of the proposed re-
forms could be introduced by toe
Supreme Court Rules Committee,
possibly -tins year. However, Lord ,
Hailsham expects some resistance
from the legal profession. !

EXPERIMENTAL NO-SMOKING REGIME AGREED FOR WHITEHALL OFFICES SoIdiCTS

Ministry declares smokeless zone discover

" r u •

BY DAVID BR1NDLE, LABOUR STAFF I 3Hlt ID

BY DAVID BR1NDLE, LABOUR STAFF

Dr Garret FitzGerald

was being done on a valve. It was
later disclosed that one of these
workers had received the maximum
dosage of radiation permitted for a
whole year.

The Isle of Man Government is
seeking urgent talks with the Brit-
ish Government about the future of
the plant. Mr Miles Walker, chair-
man of toe island's Local Govern-
ment Board, said: "Our confidence
in BNFL is rapidly waning.”

Margaret van Hattem writes: A
rift opened between the British and
Irish governments over leaks at the
Sellafield plant after a meeting be-
tween Dr Garret FitzGerald, the Ir-
ish Prime Minister, Mrs Mar-
garet Thatcher in London yester-
day.

Dr FitzGerald asked Mrs Thatch-
er to allow EEC safety inspectors to
investigate the plant and expressed
his strong concern that the British
and Irish governments are not be-
ing given "reliable” information by
management at the plant over the
extent of leaks of radioactive mat-
ter.

Mrs Thatcher promised Dr Fitz-
Gerald a full report on toe situation
at tiie plant and previous incidents
of leaks. However, she is under-
stood to have rejected his request
for an EEC inspection, mmsting
that present monitoring arrange-
ments were adequate, and that the
British Government was satisfied
that the information it was receiv-
ing was reliable.

THE ANTI-SMOKING crusade or
witch-bunt, depending on your
point of view, has arrived in White-
hall. From next month, the first
government offices will join the
growing list of workplaces where
the smoker is expected to leave his
habit at the door.

Under an agreement reached this
week in the national negotiating
committee on welfare in the Civil
Service, a pilot no-smoking regime
is to be introduced in certain offices
of the Ministry of Agriculture, Fish-
eries and Food.

If successful, other departments
are expected to follow suit The In-
land Revenue, Employment Depart-
ment, Export Credits Guarantee
Department and the Driver and Ve-
hicle Licensing Centre at Swansea
have all shown interest. So, perhaps
unsurprisingly in view of fire risk,
has the Forestry Commission.

IBA may
insist on
Granada
float-off

THE INDEPENDENT Broadcasting
Authority (IBA) is likely to insis t
that Granada Television is floated
off as a. separate company if the
Rank Organisation is successful in
its contested £753m bid for the Gra-
nada Group.

The IBA, which regulates inde-
pendent television, had made no
statement on the issue, but infor-
mal already taking piare indi-
cate that toe authority is preparing
to take a hard line on the issue

It believes that it must defend
what it sees as the principle that vi-
able ITV franchises are not for sale.
Otherwise the franchising process
and the public consultation in-
volved would appear meaningless.

Morgan Grenfell, Rank's finan-
cial adviser, announced yesterday
that it had bought 2_8flm Granada
shares, taking the total holdings of
the Rank nmfp to 3.47m shares or
1.4 per cent of Granada's equity.

□ WORKERS at Sealink's Holy-
head ship repair yard and marine
workshop. North Wales, have been
offered the option of fa rming a
workers’ co-operative or accepting
major redundancies.

Senior management told toe
yard's 140 workforce this week that
the company wishes to dispose of
the yard and associated facilities
but is prepared to back a scheme
whereby redundancy payments
could be used to establish a work-
ers' co-operative. If toe workforce
was not prepared to do this, the
company said staff numbers would
have to be reduced by 100 and re-
vised radically to improve produc-
tivity.

□ NORSK HYDRO, the Norwegian
oil and chemicals group, is advertis-
ing for employers to take over the
workforce of its plant at Avou-
mouth near Bristol which it is clos-
ing. Norsk announced the closure of
the Avonmouth plant with a loss of
340 jobs this month after a consul-
tancy study concluded that the
plant had no future.

□ LEEDS is to host a conference on
jobs in collaboration with its twin
cities Dortmund in West Germany
and Lille in France, Mr Denis Hea-
ley, Labour's foreign affairs spokes-
man, said the European Employ-
ment Conference would be held at
Leeds University from April 15-17.

□ VOLUME in options traded on
toe London Stock Exchange set a
record of 30,168 contracts yester-
day. This underlined toe steady de-
velopment over toe past year of a
market which is expected to grow
even faster after the "Big Bang”
City reforms in October.

The previous record, set on No-
vember 20 1985, was 29,845 con-
tracts, and last year's average daily
volume was just 9,000. Although the
exchange trades options on curren-
cies and gilt-edged securities, the
most actively traded contracts re-
main options to trade equities. Yes-
terday, options to buy or sell shares
in Imperial Group, the tobacco con-
glomerate now at the centre of Brit-
ain's biggest takeover battle, were
the most active with 3,821 traded -
each to buy or sell 1,000 shares.

□ TWO MORE senior directors of
Rudolf Wolff, toe London-based
commodity and financial futures
trading company, have resigned in
connection with the sales of its fi-
nancial services and energy busi-
ness to Australia's Elders DCL
group.

They are Mr Chris Williams,
manag in g director of Wolffs finan-
cial services division, and Mr Jess
Tigar, a director. Their departure
follows toe resignation last week of
Mr Bruce Leeming, Wolffs former
overall manag in g director, appar-
ently in protest at the splitting up of

the company by its parent, the Ca-
nadian mining group Noranda.

□ DUBLIN'S government has ap-
proved Ireland’s accession to the
European Convention on toe Sup-
pression of Terrorism, and will sign
toe agreement in Strasbourg next
week. Dr Garret FitzGerald, Irish
Prime Minister, said in London,

The move was widely expected,
following toe Irish Government's
declaration of intent at the signing
of toe Anglo-Irish agreement last
November. The convention provides
for extradition of those suspected of
certain scheduled terrorist crimes.

Curiously, the Department of
Health and Social Security and the
Environment Department have
been somewhat less enthusiastic
about the initiative so far.

The Agriculture Ministry's
planned smoking curbs, likely to be
introduced on National Non-
smoking Day on March 12, repre-
sent the first substantial measures
of their kind in the public sector.
Precedents in the private sector, al-
though few and far between, have
been considered generally
successful.

Boots The Chemists has ‘'dis-
couraged” smoking in its open-plan
headquarters offices in Nottingham
for the past 17 years; Marks &
Spencer has been largely smoke-
free for almost twice as long, pro-
viding for indulgence only in staff
lounges.

However, the anti-smoking lobby,

Action on Smoking and Health
(Ash) believes the UK is Lagging
badly behind the US in freeing non-
smokers from the tyranny of addict-
ed workmates. Although only 34 per
cent of the population now indulges,
according to official statistics, the
UK picture compares poorly with
toe estimated third of US compa-
nies who impose some restrictions
on their smoking staff.

Ash has been brought in to advise
the Agriculture Ministry manage-
ment and unions on how to go
about toe smoking restrictions,
which are likely to involve winning
staff agreement for either banning
cigarettes outright in offices or
segregating smokers and non-
smokers.

Mr Charles Cochrane, assistant
secretary of the Council of Civil Ser-
vice Unions, said; “We may well
want to move towards a position

where, when they are slotting peo-
ple into jobs, account is taken of
whether or not they are smokers."

According to US research repro-
duced by Ash, employers can bene-
fit greatly from curbing smoking:
the ritual itself takes up 6 per cent
of working time; smokers suffer
twice as many on-the-job accidents
as non-smokers; female smokers
take 45 per cent more sick leave
than non-smokers and males 57 per
cent more.

Such evidence is dismissed by
Forest, the pro-smokers’ rights
group- Mr Stephen Eyres, its direc-
tor, said yesterday that the Govern-
ment had no business taking sides
in the debate at its workplaces and
pointed to other US research in

which a survey of bank managers
in Minnesota bad found smokers 3
per cent more productive than col-
leagues who abstained.

Average weekly earnings still
rising faster than inflation

BY GEORGE GRAHAM

THE GOVERNMENT yesterday is-
sued a new call for lower pay rises
after the announcement that earn-
ings in the UK are still inmpaging
much faster than inflation.

Lord Young, the Employment
Secretary, said that with inflation
set to fall to 4 per cent this year,
lower pay settlements would reduce
industry's labour costs without
lowering living standards.

"Over the past five years, wage
costs have risen in manufacturing
by a quarter while those of our ma-
jor international competitors have
risen by much less,” Lord Young
said. "With raw material costs now
falling, a halt to the rise in unit
wage costs would enable us to hold
prices steady, increase sales and

thereby create genuine, long-lasting
jobs."

Average weekly earnings in toe
year to December rose by 8.9 per
cent, compared to an inflati on rate
of 5.7 per cent over the same period.
The estimated underlying rate of
increase was 7.5 per cent, after rem-
oving exceptional factors such as
toe effects of last year’s coal strike,
the Department of Employment
said.

Average earnings in manufactur-
ing industry rose by 92 per cent in
the year to December, with the esti-
mated underlying rate of increase
remaining at 8.75 per cent Manu-
facturing industry’s wages and sala-
ries per unit of output rose by 5 2
per cent in 1985.

Major industrial nations such as
Japan and West Germany saw unit
labour costs remain unchanged
over the last year, while there were ,
increases of about 2 per cent in the
US and Canada.

Recent figures from the Confed-
eration of British Industry suggest-
ed that pay settlements in manufac-
turing industry may have edged
down slightly in the last months of
1985, but were still running well
ahead of inflation at an average of
about 625 per cent. The fall in infla-
tion expected over the next few
months could lead to lower wage
demands, but officials fear that bu- ,
oyant company profits could offset
this.

Pace of growth may be slowing

BY PHILIP STEPHENS, ECONOMICS CORRESPONDENT

BRITAIN’S OUTPUT rose by
around 346 per cent last year but the
underlying pace of growth showed
signs of «tiapk«Tiing, according to of-
ficial estimates released yesterday.

Hie Centra] Statistical Office
said that its output measure of
grass domestic product showed an
increase of around % percent in the
final quarter of the year to stand
about 3‘A per cent above toe same
period a year earlier.

The growth rate between the two
quarters and over the whole year,
however, was distorted by toe
bounce-back in coal production af-
ter the miners* strike. Once allow-
ance is made for the strike the rise
in output Is put at 2% per cent for
the year, down from a similarly -
adjusted figure of 4 per cent in 1984.

Tbe output measure is one of
three indicators used by the Gov-

ernment to judge toe pace of eco-
nomic growth. Data for tbe expendi-
ture and income measures in the
fourth quarter is not yet available.

The Tneaury’s latest forecast,
however, is that the average growth
rate taking the three measures to-
gether, will have been around 314
per cent last year. For I98B it is pre-
dicting a slight slowdown to 3 per
cent.

new rifle

By Lynton McLain

ROYAL ORDNANCE, the state-
owned arms manufacturer, has had
to redesign its new short rifle for
the British Army after warnings
from soldiers that the gun could fire
if dropped on its muzzle.

"The new Enfield Weapon Sys-
tem was found to fire when dropped
vertically on its muzzle in certain
conditions when the normal safety
precautions had been taken," the
Ministry of Defence said yesterday.
The problem has been solved and
deliveries of the new weapon ore to
recommence next month, the MoD
said.

The Army wants to order 400,000
of the new rifles and light machine-
guns at a cost of £500 million with
ammunition.

Royal Ordnance won the order
for the first 1751)00 guns, to be de-
livered to the Army over toe next
two to three years, but the balance
of 225,000 rifles is to be put out to
competitive tender by the MoD.
Royal Ordnance is anxious to win
the contract in view of its impend-
ing privatisation this summer.

The safety problem came on top
of problems in putting toe rifle into
mass production at the Royal Small
Arms Factory, at Enfield, near
London, where output is heavily de-
pendent on the new weapon
system.

It is likely that the small pre-tax
loss of about £300,000 forecast by
Royal Ordnance for its small arms
division for 1985 will have risen as a
result of the production and safety
difficulties. The company forecast
earlier this year a pre-tax profit of
about E3.6m for small arms in 1986,
a result that, if achieved may be too
late to affect the prospects for priv-
atisation in tbe summer.

The problems have delayed deliv-
eries of the new rifle to the army
and planned deployment is behind
schedule. Only 200 new rifles have
been deployed since the first were
handed over to toe army in October,
the Ministry of Defence said, and
would not disclose what the deliv-
ery rate should have been.

To overcome the design problem
with the gun, a new component was
made for the firing mechanism
which, said Royal Ordnance, was
"bigger and stronger."

The original design of toe rifle
and its associated light machine gun
was worked out by Royal Ordnance
and the army to an army specifica-
tion. The MoD and Royal Ordnance
would not say who paid for the
modification to the rifle.

HOW TO GET

*71

T 471

M 71

1

More and more people are discovering
how useful it can be to be in when you're out.
(And not just when they’re in a jam.)

Racal-\fodac offer one of the most
powerful cellular telephones on the market:
the mobile todafone.

As well as being powerful it offers you
hands-free operation and an automatic

messenger service that works even when
the Ntodafone is switched off.

Yet it costs less to buy (and proportion -
atefy less to lease) from RacaJ-Nfodac than
many other cellular telephones on offer.

For further information dial 100 and ask
for Freefone \fodafone, or simply fill in and
return the Freepost coupon below

■MUiiiitariMCMitaHiKaWnteHnm?

I ftMtmlUarWvHd .>Pniiw«.N«wfcBryWroma I
| Of (0635)64000.

10

0

Financial Times Thursday February 26 1986

Notice of Redemption

Utah International Finance Corp.

8% Guaranteed Sinking Fund Debentures Due March 15, 1987

NOTICE IS HEREBY GIVEN dur, pursuant to the provisions of tbe Indenture dated as of
March I?, 1972 under which the above described Debenrures were issued, Gtihank, NA (formerly
Fust National Gry Bank), as Trustee, has drawn for redemption on March 15, 1986 (the redemption

UK NEWS

M90 2S33 11997 13441 13868 14253 14694 15144 15574 16012 16462 17346 17726 18139 19130 19531
9! 2534 12006 13444 13871 14258 14695 15150 15580 16013 16467 17351 17721 18142 19132 19636
207 2539 22009 13447 23874 24261 24702 2525.7 25581 16020 16470 27352 17726 28245 19235 19537
108 2541 12012 13452 13877 1426G 14702 15160 15587 16021 1C475 17357 17727 18148 19140 19542
110 2545 12015 13453 13883 14289 14707 15101 15588 16028 16478 17:160 17732 18151 19141 19545
113 2546 12018 13459 13886 14374 14708 15167 15584 16029 16483 17383 17733 18152 19146 19549
116 2555 12021 13460 13891 14277 14709 15168 15595 16036 16486 17368 17739 18153 19149 19554
118 2560 12026 13466 13895 14282 14716 15176 15602 16037 16491 17.171 17740 18158 19152 19555
446 2580 12027 13467 13898 142SS 14717 15179 15601 16039 16494 1 7374 17745 18161 19156 19581
455 2646 121)33 13472 13901 14290 14723 15185 15610 16040 16499 17377 17746 18166 19158 19562
458 2647 12034 13475 13906 14293 14724 15186 15611 16046 1G3D7 17380 17751 18167 19161 19587
473 as 52 13039 13 478 13907 14296 14729 15194 15618 ISO 49 16512 17-W2 17752 28172 29166 29570

482 2802 12044 13481 13912 14301 14T32 15197 15619 16056 16515 17386 17753 18173 19169 19573

483 2805 12045 13485 13915 14306 14735 15204 15626 16057 16510 17389 17756 18180 19172 19578

486 2809 12067 13488 13920 14309 14740 15205 15627 16064 16521 17392 17759 18181 19177 19579

487 -*»« 12068 13491 13921 14314 14741 15212 15634 16065 16522 17:197 17762 18186 19180 19585

488 3250 12073 13496 13926 14317 14746 15213 15635 16072 1H527 17398 17765 18187 19184 19586

489 3458 12074 13501 13929 14323 14747 15216 15642 16073 15530 17404 17770 18193 19185 19591

494 3459 12161 13S04 13932 14326 14752 15217 15643 1608016533 17405 17771 18194 19190 19594

495 3464 12163 13510 13935 14331 14755 15234 15650 16081 16536 17411 1 7776 18200 19191 39597
500 3480 12230 13513 13938 14334 14760 15225 15651 16088 16541 17412 17777 18301 19138 19603

1066 3489 12231 13516 13943 14339 14763 15232 15658 16089 16542 174)7 17783 18206 19199 19604

1142 3490 12428 13521 13946 14342 J4766 15233 15659 J 605*6 18547 1T4B1 17784 18209 19202 19610

1143 3586 12452 13522 13952 14347 14772 15241 15666 16097 16546 17424 17789 18214 19205 19611
3256 3596 13457 13527 13953 14350 14773 13242 13667 16104 16553 17437 17790 18215 19212 19616
1257 3601 12458 13528 13958 14355 14780 15249 15669 16105 16556 17430 17795 18274 19215 19619
1296 3602 12463 13533 13959 14358 14781 13250 15672 10112 16559 17436 17799 18275 19218 19622
1299 3608 12464 13534 13965 14363 14788 15257 15077 16113 16564 17437 17804 18282 19221 19623
1303 3819 12469 13539 13966 14366 14789 15258 15678 16119 16565 17442 17805 18283 19226 19629
1303 3876 12470 13542 13972 14271 14796 15265 15685 16120 16570 17443 17810 18288 19227 19630
130S 3877 12502 13545 13973 14374 14797 15266 15686 16126 16571 17449 17813 18289 19228 19635
1308 3882 12503 13550 13978 14.180 14799 15274 15694 16127 16579 17452 17816 18294 19231 19638
2315 3883 12508 13553 13981 14383 14800 15275 15695 161H0 16580 17457 17819 18298 19234 19641
1330 4567 12609 IMG* 13986 14388 14805 15282 15702 16132 16685 17458 27824 18605 19238 28646
3333 4935 12514 13561 23988 14:<91 14MJ8 252*3 15703 16138 16588 17463 17827 16608 19246 19647
3338 4938 12592 13564 13994 14396 14811 153*9 15711 16139 16593 17466 17830 18613 19249 19653

1339 5095 12597 13569 13995 14399 14*14 15290 15712 16145 16596 17469 17833 18614 19252 19654

1340 5096 32598 13S70 14000 14404 14817 15297 15729 16146 16599 17474 17836 18621 19255 19679
1342 5104 12803 13575 14003 14407 14820 15298 15720 16153 16604 17475 17841 18022 19258 19682

1625 5188 12804 13S78 14008 14413 14823 15307 15727 16154 16605 17482 17844 18627 19261 19685

1626 5189 12617 13583 14009 14416 14*28 15308 15728 16161 16608 17483 17847 18628 19266 19090

1631 5199 12618 13SH6 14U14 14421 14811 15315 15715 16162 16611 17489 17852 18884 19269 19692

1632 S2U0 12625 13592 14015 14424 14836 15316 15736 16170 16610 17490 17855 18887 19272 19696

1648 5589 12652 13596 14022 14429 14837 15323 15744 16171 16617 17495 17858 18892 19275 19699

1649 5592 12657 13599 14023 14437 14842 15324 15745 10178 10622 17498 17861 18893 19276 19704
1054 5612 12660 13604 14010 144:18 14845 15331 15752 10179 16623 17503 17866 18899 19283 19707
1657 58X5 12085 13007 14031 14445 14848 10332 15753 16135 16628 27504 17369 13900 19238 19710
3661 5618 12823 10612 14037 14448 14855 15340 15760 16186 16629 17511 17874 18905 19291 19715
1664 5957 12808 13615 14038 14451 14850 15341 15701 16193 16035 17312 17875 18906 19292 19716
1669 6344 12813 13616 14045 14454 14861 15348 15762 10194 16G3U 17519 17882 16913 19296 19722
1672 8347 12830 13021 14040 14457 14865 15349 15767 10201 10041 17520 17083 18914 19297 19723
1675 6350 12839 13626 14053 14400 14870 15356 15770 10202 16042 17525 17889 18919 19302 19738
1678 6628 12844 13627 J4US4 14463 14875 15357 15773 10207 16647 11520 17890 18922 19303 19731
1726 8286 12845 13634 14061 14408 14876 15164 15778 10200 16048 17531 17897 18930 19309 19732
1729 9000 12892 13037 14002 14171 14*81 15365 15781 16213 10653 17532 17898 18933 19310 19733
1732 -9753 12893 13640 14006 14477 148K! 15372 157*6 1014 16654 17539 17903 1*936 19315 19736
1736 9756 12898 13845 14067 1447* 14*87 15373 15787 16220 16661 17540 17904 1*939 19317 19739
1T38 9757 12899 13616 14072 144*3 14*88 15380 15794 16223 16662 17545 17910 18948 19322 19743
1741 9762 13007 13052 14073 14484 14891 15381 15795 16229 16607 17546 17911 18949 19023 19746
1758 STBS 13008 1365:1 14078 14490 14894 15388 15802 10230 10668 17552 17916 18950 19327 10749

1763 9768 13028 13662 14079 14491 14897 153*9 15*03 16236 10673 17553 17917 1*951 19331 19752

1764 9769 13029 13663 140*4 14497 14900 15396 15*10 16237 10674 17558 17922 1*957 19332 19755
1768 9775 130:14 13668 14085 14500 14905 15399 15*11 10244 106*0 17559 17925 18958 19338 19758
2769 9776 13062 13871 14091 14505 24906 15402 25*17 20245 20682 17564 17928 1*965 18339 19761
3770 9781 13073 13674 14092 14508 14H11 15408 15*1* 16250 16086 17505 17931 18966 19344 19764
1771 9784 13074 13077 14097 14513 14916 15409 15819 16253 166*7 17567 17934 18972 19345 19767

1776 9787 13079 13684 1409* 14514 14919 15414 15826 10258 16692 17570 17939 18973 19351 19770

1777 9792 13080 13685 14103 14520 14923 15415 15*27 10261 16693 17571 17940 1*97* 19352 19773
1795 9793 13104 13690 24104 14521 1492* 15420 15*34 10266 16695 17576 17945 18979 19357 19776
1806 9798 13107 13693 14109 14520 14929 15421 15835 16269 1069* 17577 17950 1*984 19360 19781
1848 9799 13170 13696 141 10 14529 14930 15424 15843 16274 16701 17582 17953 1*985 19365 197*2
18491029213175 13701 14110 14532 1493* 15427 15844 16277 16705 175*3 17956 1*991 19368 19787

1864 10528 13176 13702 14117 14537 14942 154:12 15851 16283 16708 175*8 17961 1*992 19375 19788

1865 11055 131*3 13708 14123 14530 14944 15433 15852 16286 16711 17589 17966 1*997 19376 19793

1870 11127 131*4 13709 14124 14543 14950 15438 15855 1*291 16715 17594 17967 1899* 19380 19794

1871 11128 13191 13714 14129 14546 1495! 15441 15856 10296 16720 17595 17972 19004 19394 19800

1877 11603 13193 13717 14130 14551 14956 1544b 1SH63 16297 16721 17001 17973 19005 19407 19803

1878 11006 13202 13720 14 135 14554 14959 15449 15864 16307 1672* 17602 17979 19U10 19410 19806

1932 11609 13203 137*0 14136 145*1 14904 15452 15871 16310 16729 17607 17980 19013 19415 19809
193311612 13209 13733 14141 14502 14967 15455 15*72 16316 16734 17008 179*6 19016 19416 19812

2943 11642 13221 23738 24142 I456V 1497015458 15*79 26719 16735 17813 17987 19022 19423 19815

1944 11643 13217 13739 14147 14572 14975 15401 158*0 16324 16740 17614 17992 19025 19424 19818
1951 11077 13218 13745 1414* 14575 14978 15466 15887 16327 16741 17019 17995 19028 19430 19821
195211678 13224 13746 14152 14578 14900 15407 15*88 10332 16746 17620 17996 19031 19431 19*24

2000 11766 13227 13752 14153 145*1 14981 15472 15*95 16335 10749 17625 1*002 19034 19438 19827

2003 11767 13233 13755 14154 14586 149*7 15473 15886 16310 16754 17628 1*003 19039 19439 19830

2053 11773 13236 13759 141B1 145*9 149*8 154*0 15901 1*341 16T55 17031 1*035 19040 19442 19835

2054 11774 13241 13764 141B2 14594 14994 15481 15904 1634* 16761 17634 18030 19043 19443 19838

2067 11904 13244 13765 14167 14597 14997 1548* 15909 16:149 16762 17037 1*042 19044 19447 19862

2008 11907 13248 13771 14169 14000 15002 15489 15912 16354 1B767 17040 18043 19051 19450 19077

2098 11910 13253 13772 14174 14605 150117 15494 15917 16357 1670* 17643 18049 19052 19455 19878

2099 11915 13254-43777 14I7V44608 150 W - 1 S495 15920-16360 10774 17047 18050 19067-19458-10993—

210511918 13260 13780 14180 14613 15U11 15501 15928 16360 16775 17650 18051 19058 19461 19894

210011921 13261 13783 14181 14614 1501* 1SS02 1092* 16.170 167*0 17053 18057 19063 19466 19899

2111 11924 13268 13788 14187 14617 15019 1530* 10936 16373 16T81 17656 1*058 19004 19469 19900

2112 11927 13269 13T89 14190 14620 15028 15509 15937 16378 16787 17659 1*063 19069 19474 19905

2117 11930 13270 13T95 14193 14623 15029 15514 15942 16381 167*9 17664 18064 1907D 19475 19906

2130 11933 13279 3.7790 14196 14626 15077 15517 35944 16338 16790 37605 18070 19070 39463 199II

2302 11936 13284 13802 14199 14631 1503* 15522 15945 10389 16796 17670 18071 19077 19482 19912

2305 11939 13287 33805 14202 14*34 15044 15S23 J 5950 10392 16797 17671 1*076 19082 19486 19918

2308 11942 13290 13808 14206 14640 15045 15538 15953 1*397 16*02 17676 1*079 10083 19489 19919

2311 11946 13293 13813 14209 14041 15050 15&29 1595* 16400 16800 17077 18082 19088 19494 19924

2337 11949 13401 13816 14212 14646 15053 15536 15962 16416 16*08 17682 1*088 19091 19495 19925

2338 11952 13402 13821 14215 14051 15060 15537 15965 16420 16811 17683 1*102 19006 19600 19930

2344 11955 J34U7 13822 14218 14054 150*7 15542 1596* 16421 16814 17689 18105 19097 19503 19931

2845 11958 13408 13838 14222 14657 15094 15543 15971 16427 16817 17690 1*108 19104 19500 19936

2427 11966 13413 13839 14225 14063 15095 15549 15970 16428 16*20 17695 18113 19105 19509 19937

2428 11969 13414 13844 14228 14664 15097 15550 15970 16433 16825 17096 1*116 19110 19612 19042

2433 11974 13420 13847 14233 14671 15098 15550 159*4 16436 1682* 17701 1*121 19111 19517 19950

2434 11977 13421 13850 14234 14672 15127 15557 159*7 16442 17332 17702 18124 19117 19518 19995

2439 11980 1342* 13855 14239 14679 15130 16562 15992 16445 17333 17707 18127 19118 19523 19096

2491 11983 13429 13*56 14240 146*0 15134 15565 15995 16450 17339 1770* 18130 19123 19524 19999

2582 11986 13435 13*82 14245 14687 15135 1556* 16000 16453 17340 17714 18133 19124 19528

2523 11989 13430 13863 14246 14088 15143 15573 10002 16458 17345 17715 18130 19129 19530

The Debentures specified above are to be redeemed for the said Sinking Fund at tbe Citibank,
NA, Corporate Trnrt Services, Trustee, 111 Wall Street— 5th Floor, New York, New York
10043, and the main off ices of Citibank, N.A. in Amsterdam, Frankfmt/Main, London ( Citibank
House], Milan, Paris, Brussels, or Banca Com mere: ale Italians in Milan, or Banque de Paris
et des PayS'Bas in Paris, or Banque de Paris et des Pays-Bas pour ie Grand Duche de Luxembourg
in Luxembourg, as the Company's paying agents, and will become due and payable on March 15,
J9S6 ar the redemption price of 100 percent of the principal amount thereof plus accrued
interest on said principal amount to such date. On and after such date, interest on the said
Debentures will cease to accrue.

The said Debentures should be presented and surrendered at tbe offices set forth in tbe
preceding paragraph on the said date with a!t interest coupons maturing subsequent to the
redemption dace. Coupons due March 15, 1986 should be detached and presented for payment
in the usual manner.

For UTAH INTERNATIONAL FINANCE CORP.

By CITIBANK, NA, Trustee

February IS, 1986

NOTICE

Withholding of 20% of gross redemption proceeds of any payment made within the United States
may be required by the Interest and Dividend Tax Compliance Act of 2 963 unless the Paying Agent
has the cornea rax identification number (sodal security or employer identification number) or
exemption certificate of the Payee. Please furnish a properly completed Form W-9 or exemption
certificate or equivalent when presenting your securities.

3

NLG 400,000,000

COOPERATE VE CENTRALE
RAIFFEISEN-BOERENLEENBANK BA.

Certificates of Deposit

Denomination NLG 1,000,000

Issuance and trading on .discount basis.

Direct issuance:

by Rabobank Nederland and via money-market brokers.

Custody and clearing: Euroclear, Brussels.

Utrecht, February 1986.

Telephone: 31 30 888 131
Reuters direct-dealing RABD.

SURVEY SUGGESTS APPETITES UNAFFECTED BY FLUCTUATING EXCHANGE RATES

British takeovers in US increase

BY LIONEL BARBER

BRITISH COMPANIES spent
S5.2bn on acquisitions in the US last
year, a 33 per cent increase over
1984, according to a survey by a
London -based corporate finance ad-
viser, J. p. Mervis & Co.

The survey shows that financial
and corporate services formed the
most popular sector by value, al-
though both medical and building
sectors increased significantly their
respective shares of the totaL Spe-
ciality chemicals, the bi gg est by val-
ue in 1984, was the smallest in 1985.

British companies acquired a to-
tal of 160 businesses in the US com-
pared with 142 in 1984. Between
1978 and 1985 there were 812 acqui-
sitions by UK companies, many of
which have been successful, the
survey states.

Mr Jonathan Mervis, a corporate
financier who has advised compa-
nies such as United Newspapers,
Tarmac and Wbisefey-Hughes on
US acquisitions, said: "There is a lot
of publicity about the failures, such
I as Midland Bank's acquisition of
Crocker Bank, but there is a more
successful side to the story.”

Tbe values of 92 acquisitions
| made in 1985 were of less than
I SlOm. Some UK companies have
been particularly acquisitive over
the past two years, with six compa-

nies making a total of 47 acquisi-
tions between them: Saatchi & Sa-
atchi (9), BET (8), Bunzl (8), Laporte
(8). Johnson Group Cleaners (7) and
Tate & Ljle 0).

The survey argues that the fluctu-
ating exchange rate between ster-
ling and the dollar has not affected
UK companies' appetite for US
companies. Although acquisitions
fell sharply by number in 1982, fol-
lowing sterling's steep drop against
the dollar, they have risen steadily
ever since.

Air Mervis attributes the growth
to three factors: the decline in per-
ceived industrial investment oppor-
tunities in the UK coinciding with
revenue inflows from North Sea oil;
the size and scope of the US mar-
ket, boosted by a common language;
a widely held view that the IS is
the main centre erf capitalism and
free enterprise.

The survey does not include addi-
tional new capital invested in 1985
by all British companies in their US
subsidiaries. It also excludes prop-
erty and portfolio investment

The SX2hn total includes only ac-
quisitions of 5500,000 or more.

A survey of acquisitions in the
US by British companies with spe-
cial emphasis on the yean 1984 and
1985: J. P. Mervis & Co, 2 John
Street, London WC1N 2HJ.

TOP 30 ACQUISITIONS BY SIZE

UK COMPANY

US ACQUISITION

PRICE Sm

Hanson Trust

SOU

9200

Sedgwick Group

Fred S. dames

680.0

Beech am Group

Horcfiff Thayer

3E0

Grand KetropofOan

Pearie NeaHfi

Standard Chartered

United Bank of Anatom

Blue CMe Inda

Atlantic Cement

145.0

Blue Circle hade

WHfiama Brothers

90.0

Reed International

RH Broker

900

RTZ

Pennsytwanla Glass

600

Carolina Bondar*

77 ja

Britoil

Freeport Me Moran

7X5

United Biscuits

Early California dlv

73.0

Hugixi Group

Sweda fentomatkmal

67.0

International Thomson

Gala Research

66.0

Smith (WH) AS<M)

Ebons

65.0

Barclays Bank

CaUfornb Canadian

60j0*

PiBdngton Brothers

Syntax Opthataaica

600

K9

Carat Saed

58.0

Smith A Nephew

AflUbtad Hospital

57.9

TranscootJ Sees

SeHgman ALatx

41.0

Metal Box

Clark Checks

40.0

CariesaCapel

LTV

39.6

Bowntroe Mackintosh

Original Cookie

36.0

BP

PVM (RefchoM efiv)

300

Q aftuuuilr

Faultless Caster

3X0

Beraford (SAW)

NGI International

3X0

Hid Samuel Group

Investment Adviser*

32.0

Unlever

Darling A Co

30.0*

London A Northern Group

RockvUft

29 JO

TrafafgwHoow

Usenco

26.5

TOTAL

34,137 Am

•Estimate

Scare#: JL P. Mends 8 Co

Ministers 9 extra cash claims restricted

BY PHILIP STEPHENS, ECONOMICS CORRESPONDENT

THE TREASURY has moved to
tighten its control over this year's
round of public spending negotia-
tions in an attempt to head off some
of the threatened battles with
spending ministers.

Mr John MacGregor, Chief Secre-
tary to the Treasury, has changed
radically the procedures for his an-
nual bargaining round with other
departments, effectively banning
routine bids for extra funds.

The change coincides with sug-
gestions in Westminster that sever-
al key departments, including the
Ministry of the Environment and

the Department of Health and So-
cial Security, are preparing sub-
stantial claims for additio nal f unds

The Government set its public
spending totals for the three finan-
cial years beginning 1986-87 in the
Autumn Statement published last
November. The overall figures,
however, are subject to confirma-
tion by the Cabinet in July. Depart-
mental allocations are then subject
to negotiation ahead of this year’s
Autumn Statement

Members of Parliament are due
to debate the plans later today and
the Government is expected to face

calls from its own backbenches for
additional spending on infrastruc-
ture projects and on measures to
help the long-term unemployed. •

The procedure operated in past
years has allowed spending minis -
ters to routinely submit Haims for
extra cash to be incorporated in the
public expenditure survey present-
ed to the Cabinet. In theory, minis-
ters have also been obliged to sug-
gest offsetting cuts in spending, but
many have ignored that require-
ment

Last year, for example, the bids
initially put in by spending depart-

ments would have added about
£6bn to spending if they had not
been whittled down by tbe Treasu-
ry.

Under the new procedures their
will be no automatic right to claim
extra cash. Mr MacGregor has told
his Cabinet colleagues that no new
bids will be included in this year's
survey.

ditional finance, the minister re-
sponsible will have to write person-
ally to Mr MacGregor. A copy of the
request will also have to be for-
warded to the Prime Minister.

Investors
object
to merger
ad costs

By Aden Rawsthom

INSITUTIQNAL investors are con*
sidering lodging complaints about
expenditure on takeover hid adver-
tising campaigns, through the in-
vestment protection committee of
the Association of British Insurers.

Since last summer, when the cur-
rent stream of bids and cauatee
bids began, millions of pounds have
been poured into attack and de-
fence advertising by companies in-
volved in takeover bids. The scale
of expenditure escalated through
the autumn, culminating in the
C5.1m spent in the last six weeks
alone by Guinness and Distillers on
their proposed merger.

As expenditure has grown the in-
stitutions have become increasingly
concerned about the large sums
committed to bid advertising.

"On the face of it we regard it as
rather objectionable that newspa-
pers are full of these advertise-
ments which are, by and large,
rather childish and cut no ice with
the institutions who will finally de-
cide the outcome erf the bid.” said
Mr David Enoch, investment secre-
tary erf Commercial Union and
chairman of the investment protec-
tum committee.

The committee is now consider-
ing three courses of action: making
formal complaints to the issuing
houses, tbe merchant banks that
plan the bids; complaining to the
companies involved; or taking up
the issue with the Takeover PaneL
Mr Enock says: “The difficulty we
have is that if we complain to the is-
suing houses or the companies they
will claim that these advertise-
ments are placed for the benefit of
private shareholders and not tbe in-
stitutions. But we have discussed
the matter and have come to the
conclusion that this sort of advertis-
ing is a complete waste of sharetml- .
dwrf money."

Management, Page 12

An Offshore

Money Market Cheque Account

DO YOU WANT?

• High Rates of Interest

• No notice of withdrawal

• A cheque book to give you easy access

• An Offshore Account based in Jersey paying
Interest Gross.

AND ALSO

• Available to applicants world-wide

• No need to have another account with us

INTEREST PAID GROSS

1L70%=UL35%

AppSedRate’ Compound Annual Rate* (CAR.)

"Intmnetf natta may raiymtes quoted camo at rtrw of gang to press.

Minimum opening balance
Minimum transaction

Interest is calculated daily and applied

Cheques may be payable to third parties and afl
tra nsactro ns shou I dirormally be in sterling. Statements
are Issued quarterly (more frequently if you wish).
First 9 cheques per quarter are free of charge.

Up to date rate of interest available by
telephoning Bank of Scotland, Jersey 0534-39322,
Siirpfy complete the coupon below and enefose your

cheque. An acknowledgement of your deposit will be sent

by return and your cheque book will follow a few days later.

Bank of Scotland was constituted in Edinburgh by Act of Scots'

Parliament in 1695. Copies of the Annual Report and Accounts are

avertible an request from R. C Home, Manager. Bank of Scotland/.

4 Don Rood St Hefec Jersey or from Bank af Scotland, Head Office,
The Mound, Edinburgh EH1 1YZ. Bank of Scotland Proprietors' Funds
as at28th February 1985 were £314.4 million.

Deposits made with offices of Bank of Scotland in Jersey are not covered by Hie Deposit Protection Scheme

under the Banking Act 1979.

ToBankaf Scotland Money Market Accounts Centre,

4 Don Road, St Metier, Jersey

I/We endose my/our cheque for £ (minimum £2^001 poyoble

to Bank af Scotland.

l/We wish to open a Money Market Cheque Account.

1 am/We are aged 20 or over. (Please complete in BLOCK CAPITALS.)

Should the cheque not be drawn on your own bank account, please grvO

details of your bankers. **

FLB1 NAMF/Si

M Y/OUR BANKERS ARE

1 — — |

J — - BRANCH . j

i ADDRESS ?

1 ACCOUNT NUMBER .

STSOfSL. |

Bank of Scotland Jersey off ers a full range of services. For further

information tide box □

SIGNATURE^}

— DATE

OF SCOTY.Aim

For join/ accounts off parties musf sign the application but only one
signature will be required on cheques.

J/TvN-j wM aswQP J, MiS la mm

A FRIEND FOR T JFK

_ -r .

if

N

*

h

Financial Times Thursday February 20 1986

11

I* ■

I*

*es

O ;

l' . ■

UK NEWS

Industrialists to
have Star War
talks In the US

BY PETER MARSH

BRITISH INDUSTRIALISTS wish-
ing to gain c ontracts under the
Strategic Defence Initiative (SDI),
the so-called Star Wars programme,
are to be invited to a meeting in
Washington neat. month in an e ff ort
to match them with US defence con-
tractor already wodfrg on the
project

The mating, being arranged ter
the Defence Mbdabyr*nd~tiie US
Defence Department, follows Tues-
day’s conference in Jsmrlrm at
which officials from the Pentagon’s
SDI Organisation, briefed about 100
OK companies cm some of the clas-

the December agreement, which
the two governments regard as
secret

The accord provides a set of rales
over the flow, of t«»hn«Ml ideas
from the US to Britain, as well as
measures to safeguard the commer-

rial of UKi wwwpnwim tn iwh.

oologies which they develop while
wraMng for foe PbImm
D eface officials have refused to
give details of the agreement -even
to companies which hope to gam
-on mean

progr amme

It is desgned to devise by the
1990s a way to defend the Wert

using exotic devices nidi as laser
guns to shoot down missiles. Brit-
ain is to take pvt in the research as
a result' of a' broad '.agreement
signed between the two g ove r n -
meets in December.

Whitehall recognises- that die
most promising route- ibr many
British companies into the pro-
gramme, on which contracts worth
about $4bn have already been com-
mitted to US research concerns, is

eanbndbore such -as Rockwen^Boe-
iogand Martin Marietta. •..

In contrast, contracts agreed di-
rectly between the SDI Organiser
tion and UK organisations are like-
ly- to amou nt initially to no more
than a few mfUrirt pounds a year.

' Tuesday's meeting: whi ch was
mm in advance as promising the
most complete description yet on
how UK enterprises could gain
access to Star Wars work, proved a
letdown to . some of the partici-
pants.

In partictilar, some industrialists
were annoyed that neither the UK
defence officials who addressed the
meeting, who m dn ded Professor
Richard Norman, the Defence Min-
istry's chief scientific adviser, nor
re p resentatives from die Pentagon,
divulged more an outline of

specific contracts
tVmt fV*> details sod ^ Ul com-
parties’ rivals in providing informa-
tion on ffeefy benefits from the
work.

. Mr Brian Jarvis, a director of
Paf ec , an engineering c omp any in-
volved in defence work, said this
approach has led to “a general
sense of annoyance and bewilder-
ment" MWW£ Aftmp m iat ho pin g (g

participate in Star Wars. "I came to
the meeting ho pin g to g»w» a more

specific understanding of what was
going on but was dfcappohxted.”

Another industrialist who at-
tended the gathering, and asked not
to be named, said the conference
was a “non event" from the point of
view of laming more about terms
and conditions of work which may

tnV» p i pe? inwtor flw prag mmwift

Dr William Berdo, technical di-
rector of the Marconi group of de-
fence «wwp»niAg, part of the Gen-
eral Electric Company, said that the
intergovernmental agreement sim-
ply gave UK companies a fair
chance to compete with US enter-
prises. “After that it depends an
your marketing and prese n tation as
to whether you win contracts,” he
said.

# T^t gv-* wui Admiral Computing,
two software groups which hope to
obtain. SDI contracts are to work
with Britain's Government Commu-
nications Headquarters in Chelten-
ham on a long-term plan to stop
people gaining unauthorised access
to information held in go ve rnm ent
computers.

GM sets the pace in
new car markets

BY KENNETH GOODING, MOTOR iWDUSTRY CORRESPONDENT

GENERAL MOTORS, the Vame-
haB-Opel group, took the lead in the
new car market during the first 10
days of February - a period when
bad weather depressed sales.

GM*s share was 24D9 per cent,
taking it ahead of Ford- with 2L54 .
per cent and BL, weUhriswits best
with 13.59 per cent In .1985 as a
whole, Fbrd was market leader and
accounted for 2&5 per cent of total
sales, BL had 17£ per cent and GM
18.56 per cent -

According to the Society of Motor
Manufacturers and Traders, new
car registrations in the ID days, at
56.938, were 9.39 per cent below
those for the same period of 1985.

Gifs growing strength in the
company fleet sector - which, con-
tinues to take deliveries of new cars

however bad the Weather - almost
certainly contributed to its excep-
tional performance in the 10 days.

Austin Rover, BL’s volume car
subsidiary, wiD not have been help-
ed by recent publicity. The Govern-
ment revealed that Itad was poten-
tially interested in making an offer
for Austin Rover but, after being
subjected to intense political pres-
sure, last week told Ford no deal
would be possible.

Importers took 55U per cent of 10-
day sales, down from 57.8 per cent
Among the companies performing
well were Audi-Volkswagen, with
5.97 per cent of the market, Re-
nault, with 5.47 per cent, Volvo, 5J5
per cent and Feugeot-Talbot, 5D6
percent

AIK
TOME!

• Air CaR keeps people in two-way contact, on

.. the move. With Air Cal Mobile Radfc* radio has never
' been so simple, sonffbrdaWe. With Air Cafl Ceflphon^

. youyethebestof bothnevv wwids-achcaceof
Ceflnet or Vbdafone

. For one-way corwminicatiotv Air ChB bleepeis

go where you go, in your pocket

And beWnd all the hardware? The most compre-
hensive arid sophisticated range of communications
. support slices you could wish foe Telephone
answering and message handling cafl forwarding,
action reminders: appointment-making, and more.
And your<afeare answered b y real people -not
macrtnesrBeing on Air Call is
like haringa Bk at your service;
round-the-clock. . .

AIR CALL

.. Don’t just beon air - be

cm ^ Gafl. PhomOl- 2 » 020 Q today!

1

Union set
to make
steel strike

official

By DavM Brindte, Lobov Staff

A STRIKE by workers at the Brit-
ish Sled Corporation’s (BSC) Scot-
tish tube plants is set to be made of-
ficial after the executive council of
the Iron and Steel Trades Confeder-
ation, the main union involved, yes-
terday authorised a formal industri-
al action ballot

Production has been at a stand-
still since last weekend at the main
Cly desdale works in Mdiill, Lan-
arkshire, and at the linked Calder
and Imperial plants at Coatbridge
and Airdrie, after a strike vote tak-
en at a "«« meeting.

BSC said 430 staH and managers
reported for work yesterday; but
tins total is expected to fell as a re-
sult of a ballot derision by members
of the white-collar wim Apex to
join the strike, over the corpora-
tion’s survival {dans for the plants.

The survival plans would mean
412 redundancies among the 2,400
employees of tire Scottish tubes di-
vision. BSC, which has given a
wanting that the dispute could in-
crease the number of job losses nec-
essary, says the plans must be
implemented to ensure that the di-
vision w>n mntimip to operate in
the competitive international steel
market.

Industries win 15%
gas price cut to
prevent oil switch

BY MAURICE SAMUELSON

PRICES of gas to some of Britain’s
most energy-hungry industries
have been cut by 15 per cent in the
past three weeks to discourage
them from turning to fuel oil

The cuts have been welcomed by
the country’s most energy-intensive
industries, including steel, chemi-
cals, glass, paper and ceramics. "At
last a bit of competition in the gas
market," said Ur Ian Blakey of the
British Independent Steel Produc-
ers’ Association, who co-ordinates
the lobbying activities of the so-
called “energetic seven” industries.

Cuts have benefited industries
whose supplies can be suspended
by agreement to meet seasonal de-
mand surges by hn» npHt)iityr » and
other priority users. These custom-
ers generally have the capability of
meeting their heating needs with
heavy fuel oil if gas ceases to be
available.

About 2Jflbn therms of gas a year
are sold in this way under socalkd
interruptible contracts. When some
of these contracts mim up for rene-
gotiation, British Gas is believed to
have dropped its prices from up to
29p a therm to 24p a therm. If all
such contracts were adjusted by the
same degree the corporation would
see its year’s sales fell by £10Qm.

It is also set to lose more income
if the felling oil price prompts it to

restrain gas prices for the industri-
al and commercial customers with
f irm — oj- non -inte a up ti b le — con-
tracts. This market is cnwHar m rim
to the i n terruptible market

A typical tariff for firm industrial
and commercial gas supplies is
3&25p a therm, compared with the
37Jp paid by householders. This
market whose substitute fuel is
generally gasoil rattier than heavy
fuel oil, is less affected by the fell in
oil prices.

In the firm gas market, however,
British Gas is under pressure to re-
spond to cheaper oQ ter foregoing
its scheduled quarterly escalations

in the firm gas ta riffs T Jist month it

waived a rise of 0.3p per therm and
customers hope it will do so again
with the nert scheduled increa/y ,

Mr Blakey said that although
firm gas prices had been frozen for
nearly two years in the early 1980s,
this was “tiie first time for a very
long time that there has been talk
of reducing prices in the i nt e r r up ti-
ble gas market”

Evidence of the gas industry’s
flexibility first emerged when Inter-
ruptible contracts started coming
up for renewal last month. As cus-
tomers reported cheeper offers of
oil British Gas tried to meet them,
with prices reportedly as low as 23p
a t^™

/

In Muscat

our luxury is rivalled only
by our spectacular setting.

MUSCAT

INTER* CONTINENTAL
HOTEL

\

V

THE ADVANTAGE IS PjTmOCTjTgjgjXW

O. INTER•CON^^NE^^A^ HOTELS

MoKrah. PC* Bo* 7395. Td«:549Z

Eorn a c nmimi uaH; Amsterdam: <020) 26.3 X21. B russels: (02) 751-67-2% F rankfort
(065$ 27 10062<}, London: (DD < 91 - 7181 . Milan: (02) 8772.62, Paris: gH) 47-42-0742 or oB jour
ne ai e slIrt e r -CCTitmcnted safes office or your travel agent

/

— itnmim

i

i

i

i

To Suzanne King, British Olivetti, Wellington House, 154-160 Upper Richmond Rd., London SW15.
Telephone: 01-789 6699.

My data processing department are keeping me in the dark. Please send me your latest information
on how a 3B computer system could be more appropriate, more powerful, more effective, more
long lived and cheaper than the things the/ re showing me at the moment

Name

I

I

I

I

■

Position

Company.

Type of Business.
Address

Phone.

FT/ UNIX/20/2

If your computer experts don’t
know enough about UNIX and
the AT&T 3B, here’s how to

make them jump.

When you call in your company's resident
computer expert, you’re in a weak position. How
can you tell how much they really know? To test
them properly, you need up-to-date information
of your own, gained by sending in the coupon above.
You might not change their recommendation, but
they’ll have to work harderto justify rt; which does
wonders for your confidence.

For instance, you might challenge their budget
Presumably the job you have in mind calls for a
team of people having access to the system. You’ve
already turned down theirfirst idea (the great white
monster with a room of its own). So they suggest
a string of little boxes connected together by wires.
Nowyou attack.‘Did you know* you say/howmuch
cheaper it would be to use one AT&T 3B and give
everyone a simple workstation, for half the price?
And that we’d still get more power this way- with
massive extra power for special projects -and
any little boxes we already have can probably
double as terminals. And you didn’t know that?’

While they’re quiet, ask about co?operation.

Say you’ve heard that little boxes are fine, but
everyone does their own thing, while a true multi-
user machine promotes real teamwork: are they
in favour of teamwork, you ask lightly?

Then you can come up with your knowledge
of operating systems. Ask them about UNIX? Ask
what other operating system is shared between
scores of manufacturers rather than monopolised’
by one, so that you don’t have to rely on just AT&T
for the machinery-you can shop around: what
other computer maker would say that?

If all this sounds complicated, don’t worry.
Send in the coupon anyway. When you have the
material, just leave it open on your desk. You’ll be
amazed at the improvement in the quality of.the
advice you get

AKT3B.The computer made for sharing.

Olivetti

♦UNIX ii 3 ir^demaric ofATiT BeH Laboratories.

Financial Times Thursday Februaiy 20 1986

12

EDITED BY CHRISTOPHER LORENZ

Feona McEwan and Alice Rawsfbom report on developments in and reactions to
die advertising battles accompanying the current spate of takeovers

“ WE'RE known as the Vlv
Nicholson of the advertising
business these days. Spend,
spend, spend," commented one
spent adman in the heat of
takeover fever last week, recall-
ing the UK football pools win-
ner who parted with a fortune
In record time.

In the past six -weeks, the UK
agency Lowe Howard-Spink
Karsohalk has fed around £5.lm
on behalf of clients Distillers
and Guinness into the coffers
of national newspapers.

At the height of the battle,
before its referral to the Mono-
polies Commission last Friday,
Guinness was spending around
£lm a week blanketing the
duly papers with two pages a
day, from the Sun and the Star
to the Telegraph and the FT.

The ^current spate of merger
mania with Its record spends,
personality clashes and block-
buster tactics. ushers in a new
phase in UK takeover advertis-
ing, which has previously been
a comparatively lacklustre
affair. As the stakes have got
higher so the fight has got
bloodier. The brash interloper
stance of Eldets IXL in its bid*
for Allied-Lyons, the mutual
mud-slinging that has charac-
terised the Argyll group bid for
Distillers and the agreed
Guinness counter bid for Dis-
tillers. the personality profiles
introduced in the Burton hid
for Debenhams, have all broken
new ground In proxy advertis-
ing. " It’s not a game of chess
any more,” says one adman,
“it’s bare knuckle fighting.”

If that is so, the Advertising
Standards Authority, the indus-
try self-regulating watchdog, is
unconcerned. It has received
just three complaints in the past
year, all of a highly opinionated
nature, end reckons none has
breached its Code of Practice.

The sums of advertising
revenue generated by takeover
activity in the past 12 months
have reached unprecedented
heights, though compared with
the bids themselves or the cost
of underwriting them they are
peanuts. The press has been
the main beneficiary since tele-
vision is out of bounds for such
activity. “No I cant talk to you
about revenue figures,” says one
newspaper 'group's advertising
chief. "If you write about it.
the flow might dry up.” News-
paper readers have been sub-
jected to almost daily chi dings,
cajolings, verbal assaults and
visual pyrotechnics as the
various combatants fired off
their latest salvoes.

Constraints which have kept
this sort of tactical advertising
off television have been partly
circumvented by Allied-Lyons
and Imperial; they have added
a tagline to their existing pro-
duct commercials. Viewers see
** famous brands doing
famously” on the end of an
(Imperial's) Golden Wonder
Pot-snacks ad. Elsewhere, others
— most 1 visibly Cadbury
Schweppes— are reaching - for
their corporate advertising in a
hurry as a pre-emptive measure.

Industry estimates of cor-
porate advertising (which In-
cludes takeover activity) for last
year put the spends as follows:
Allied-Lyons, the UK food and
drinks group, in the region of
£2 .2m to try to ward off Elders,
the Australian brewing and
agriculture group, which in turn
has spent £L8m; Guinness
(about £L5m) against Arthur
BeQ £0.5m; Burton group, .the
retail chain, under £lm against
Debenhams' £0.75m; Fleet Hold-
ings muted with fOAfim in
defending against United News-
papers which mounted a £029m
attack, little discounting occurs
because of the last minute

BUT does takeover bid
advertising work ? Given that
most consumers are loath to
admit that a television com-
mercial could persuade them
to buy one brand of baked
beans rather than another,
the institutions are hardly
likely to accept that a news-
paper advertisement, however
wittily worded, could affect
their attitude towards a bid.
Nonetheless, fund managers
rat] against bid advertising
with more than their usual
vehemence.

M I find it disturbing,
deeply disturbing/ 1 thunders
the fund manager of one
insurance company. “Far
from swinging shareholders
In the board's favour, spend-
ing millions of poaaia on
newspaper advertising, often
in newspapers they don't even
read, is much more likely to
alienate them."

This antagonism is partly
rooted in the form and con-
tent of bid advertising. “ It is
always the same formula,”
says one pension fond

manager. "Pick on a small
part of a company's activities,
distort the timescale and
draw a thick, black line point-
ing downwards.

“Shareholders aren’t Idiots.
Advertisements like these
simply insnlt their Intelli-
gence. The advertising indus-
try Is supposed to have a
code about being legal, decent
and honest. These advertise-
ments may be legal, but they
are neither decent, nor
honest.”

But the chief cause for con-
cern is the amount of money
spent on bid advertising.

“Guineas started it all in
the summer with the Bells
takeover,” says one fund
manager. “ But with the pro-
posed Distillers merger its
expenditure reached ridicu-
lous proportions.”

But the institutions had
become concerned even
before Gahmess stepped in to
play the profligate white
knight with Distillers’ money.

In January, before the

Guinness campaign began, the
investment protection com-
mittee of the Association of
British Insurers discussed the
issue of bid advertising. It Is
insurance committee of the
Association of British
Insurers discussed the issue
of bid advertising. It is
thought that a significant
lobby favoured aproachlng
the high spending bid
advertisers to communicate
the institutions 1 concern.

Nonetheless there is some
sympathy for companies,
particularly for defendants,
which are hauled into bid
advertising, possibly against
their better judgment, be-
cause of the sheer scale of
expenditure by their assail-
ants.

“But even so they must
ensure that they don't fall
into the trap of debating
petty points and non-issues,”
says Andrew Prosser, chief
executive of CIN Management
which administers the
National Coal Board's pension

fund. “ And they must beware
that, at times, over-exposure
can be eo unter-productive.”

There is also the abstract
Issue that “marketing” has
surfaced as such a fashionable
phenomenon in the City that
companies can win or lose a
bid by presenting themselves
as “good” or “bad” marketers.
The use of corporate adven-
turing in a bid battle is the
most tawgihip way for a com-
pany to assert its marketing
credentials.

“The typical scenario is of
a company spending share-
holders’ money on very ex-
pensive advertising to com-
pensate for pres criticism of
its performance or for poor
communication in the past,”
says one institutional Investor.
“And it is these companies
which are most likely to
become the victims of a take-
over bid and are most likely
to lose It”

AR

nature of the media buying.

Advertising, is of course only
one fraction of the total com-
munication job in any takeover
tussle. One of the more
imaginative initiatives came
from. Hal pern and Conran in
their assnlt on Debenhams'
shareholders which included
mailing more than 4,000 cor-
porate videos.

All communications are pre-
pared at. speed. Creative teams
on the Guinness /Distillers bid
were given only two days' ad-
vance notice and the agency was
appointed the night before the
Distillers bid started.

Michael Prideaux, chief execu-
tive of Charles Barker City —

which handled the advertising
for Debenhams, BET (the con-
struction and publishing group)
and public relations for Plessey
and Allied-Lyons — recalls some
of the near misses. Running a
mile from his office to the Stock
Exchange in 10 minutes “ and I
don't even jog;” steering an ad
through the usual rapids of
client, banker, lawyer (“who
usually has apoplexy ”), the
Takeover Panel (“which likes
as much time as you can give
it ”) and was on its way to the
papers at 4 pm only to find the
bid had been referred. In two
hours a totally new ad had to be
assembled.

In the beat of the battle few

of those involved pause to
worry about a campaign's effec-
tiveness. There is no evidence
on that point since standard
media analysis for tracking
awareness, attitudes and so on
does not apply. But many
share the view of a Charles
Barker City client who said re-
cently: “I think it's a complete
waste of time, but if we faced
a hostile bid. I dare say we'd
do it tomorrow.”

“It’s very easy to say don't
do anything.” says Prideaux,
“but few people are going to
take the risk of not doing any-
thing. You can't rely on letting
the arguments speak for them-
selves, you've got to add value.

to punch home the argument,”
This presumably is the route
taken by companies which feel
they are getting unfair editorial
tre ament.

Tim Bell, group chief execu-
tive of Lowe Howard-Spink
Marschalk, has acted for Guin-
ness, Distillers, Hanson Trust
and GEC in the past two months
on takeovers and he is adamant.
“It’s a pure form of communi-
cation, the means of delivering
a message that is unashamedly
biased. But every consumer
knows advertising to be biased.' 1

Reg Valin of Valin Pollen, the
advertising and PR agency, is
sceptical. “The tendency to
blockbuster (sic) with full page

ads is wasteful and ultimately
leads to confusion. We'd argue,
as investor relations specialists,
that it's being done by people
without other skills. There are
accurate rifle-shot methods
available rather than the
nuclear weapon.”

Others fed more strongly-
yatnrhy Quinn. creative direc-
tor of Aspect Bill Holiday and
formerly of Dewe Rogerson and
who was bred on fi n a nc ial
accounts, is concerned about
the latest offerings, especially
the ploy used by both
Argyll and Distillers to create a
negative impression of the other
using selective graphs. “The
irrefutable half truth,” he calls
it

Strategy obviously varies
according to circumstance. Up
until an OFT ruling the issues
are rarely about finance—
though, as everyone knows, it is
on the terms alone that a take-
over is ultimately settled.
TTanonn, for instance, with a.
reputation for thrift, took to
tiie pages of only one news-
paper (the FT as it happens)
to pave the way “ m a whisper
not a shoot” for its Imperial
assault

The emphasis placed by
Guinness and Elders on brands
and management in their argu-
ments has focused attention
on company performance in
commercial markets as opi** r
to the stock market “This
new marketing factor stresses
the underlying business rather
than saying my PE is higher
than yours,” says Prideaux.

So just who do the com-
batants aim to buttonhole with
their point-scoring volleys?
The audience is certainly wider
than institutional shareholders
— commentators, opinion
formers, politicians, own share-
holders and st' - ’ (boost the
troops), the target company's

shareholders and staff, and con-
sumers who may also be
potential shareholders. Of the
decision to blanket the press
in the recent flexing of Guinness
muscle, Tim Bdl challenges the
assumption that private share-
holders only road . the quality
press. “It is an issue of
national importance and we
wanted to reach everyone."

At the end of the day, most
communications specialists
argue that there Is no substitute
for longer range, pre-emptive
strategies to woo shareholders,
perhaps in the form of a com-
prehensive corporate communi-
cations plan — Including adver-
tising perhaps. “You're only
vulnerable,” reminds Valin, “if
the share price doesn’t actually
reflect the potential of your
company. If the City knows
how you’re faring and your
performance, predators can be
kept at bay,**

Anthony Carlisle of Dewe
Rogerson, which handles Elder
IXL among others, endorses
that view. “The majority of
UK companies are largely , un-
known to their audiences, with
few exceptions. Most of the
top ZOO companies 'don’t 1 even
have any research to show bow
they are regarded by their key
customers. Now people who
haven't taken seriously the
need for corporate communica-
tions are feeling the predatory
breath over their shoulder and
maVing up for lost time.”

/ F MdE

leaner and K ea tin g

FOLLOWING our mnkto -V omrnmg To
Oo Sot 0" ( January 30). Wo Hoorn toon
«**cf to pofot out Out Non Jonoor
mod Patrick Koatlnr of ogoncy Jonnor
K gating Boakor prtarkwsiy mW tho
MtfifiOM at deputy monmgtntt dhoctor
oad dmputy cromlvo : director. roapon-
ttwrfjf. at agency Aeavaa r Rotwofaw
Noodtmm.

SAAmove

to Heathrow

Terminal 1.

Rir air travellers connecting with other airports
throughout the UK, Ireland and Europe, SAA offer one-terminal
simplicity at Heathrow Tbrminal L Whether you’re flying
to South Africa Or flying back.

More non-stop flights. Phis far and avray the best wine on
the route, says Biianess Traveller Magazine (World Airline
Wine Survey).

More than ever, SAA is the Nal way to South Africa.

AlA

SOUTH AFRICAN AIRWAYS

—we moke tfie dif fe rence

SAA; ZSlH^g=“« L»k»VftR 7 ADLTd;lH - 734 Wtt. OrW*«fc» 6 w^B«inii^ R*r&MMacbata'Itt

Northwestern University

1986 Management Development Prog rams

J.L. Kellogg Graduate School of Management
Evanston, Illinois

The Kellogg Graduate School of Management at Northwestern
University, one of the foremost U.S. business schools, is dedicated
to excellence in executive education. The following programs for
1986 combine distinguished Kellogg faculty with carefully selected
participants from throughout the world.

Institute for Management

Seventy-first session: June 15-JuIy 1 1
Seventy-second session: July 13-August 8

A four week program for senior executives with emphasis on formulating strategy to
gain competitive advantage, m a n agi n g corporate culture, increasing innovation and
managing strategic change.

I Institute for Inter national Manage ment
at Biirgenstock, Switzerland
Twenty-second session: August 31 -September 19

A three week program for senior executives. Managing in a gjnLpl economy,
formulating strategies for the multinational or ga nis ation, and marketing j yrmff
national boundaries ane the themes of the program.

Executive Development Program

Spring session: May 4-23 Fall session: October 12-31
A three week program for middUenkwel managers that ate perceived to have potential
for general management responsibility. The function of management, the business
environment and analytical tools are stressed.

Kellogg

For further information on
dtese and adif Kellogg
eaBarive programs, contact:

Executive Programs
Northwestern University

James L. Allen Center
Evanston, Illinois 60201 USA

(312) 664-9270

Telex 821564

ARE YOU A:

MKT HML USER

shau aoveansBc

COMPUTER USKM

MEDIA BUYBC

THE

^4 mmJ

1

52

U

MARKETING

II- 12-13 MARCH 1986

Th. Knudafftea Itntnhow
Exhibition Contra. Decry Street,

- gum High rnniinn OT
Rums IBIS on OTO B B SO a
teklUE tloket

Biotechnology

Publication date:

May 2, 1986

Advertisement
copy date:

April 14, 1986
FINANCIAL
TIMES

proposes to publish ttk
Survey on the above date
Pot further details,
please apply:
WILLIAM
GLUTTERBUCK
on 01-248 8000 ext 4148
FINANCIAL TIMES
Europe’s

Business Newspaper

#1

\

Knandal Times Thursday February 20 1986

*

TECHNOLOGY

Walter Ellis discovers dramatic improvements in manufacturing efficiency at the UK aero engine maker

s-Royce hits il3Siggj|j||gg

reet after fh P" 4 !

“Refurbishment
and Maintenanc e
fbrCommerce
and industry”

PHOTOGRAPHS taken at the
Rolls-Royce assembly plant in
Derby in 190S show large,
strangely upright oars being
constructed amidtbe clamour of
heavy machinery. The distinc-
tive grilles peer haughtily above
tbe chaos.

In the foreground of one
picture can be seen a tiny rail
car which carried parts from
one section of tbe line to
mother,, helping to maintain a
-steady flow of production.

In 198$ such Vehicles are
hardly remembered. Their
successors, . _a squadron of
battery-powered robots, sc urry
noiselessly round the same
workshop, guided hr cables
buried alongside the tracks in
the floor. The newc ome r s are
part of an advanced integrated
manufacturing system (Alms),
which RoUfrRoyee d e s cri bes as
. a breakthrough in manufactur-
ing technology. --
l)iscs— the rotating eompon-
. ents in a jet engine that hold
the compressor and turbine
blades— are - vitaL. both . for
efficiency; arid safety. There are
17 ADfS-manofiaetizred cbsos is-

the RB211-524, which powers
the latest generations of
Boeing 747 and 757 aircraft as
veil as the Lockheed TriStar.
They run almost throughout the
engine’s length and represent
much of the unit’s value.

ABCS, which cost £4m to
design and develop, had three
objectives: .

• To increase productivity by
40 per cent;

• To reduce lead times— the
period between receipt of an
order for a component and its
despatch — from 26 weeks to
sis;

• To cut work in progres s by
two-thirds.

. It also- had to pay for itself
-within 12 months.

In the new system, an the
machinery and procedures
necessary for production and
inspection of discs have been
brought together under one
roof, organised sequentially in
“cells" and served by robots.
The system is computer-con-
trolled, driven by powerful
software -developed by Rolls-
Boyce.

RB 2Ti Engine

Tbe discs inside an RB211 engine and, right, a robot vehicle at the Rolls-Royce

Bolls has been looking for a
means of improving efficiency
in its discs sector for some
years. The idea of integration
emerged in 1884 and ABCS was
set up In just 13 months.

Max Batcher, project man-
ager, says safety requirements
make big demands on disc pro-
duction. Each component must
carry its own production his-
tory and its own ID. Qualify
is vital. Further anxiety is
created by the cost of materials.
Individual discs for the HB211
are worth at least £26,000 at
factory prices, rising to as much
as £40,000.

Before AIMS, RoUs-Kqyce was

plagued by high stocks in its
discs section. Aircraft builders
make an airframe in 12
months; Rolls had needed two
yean notice to come up with
the engines. Thus there was a
tendency to build for stock. If
response times could be im-
proved, it was argued, it would
impossible to build for* the
market. Tbe “just in time"
philosophy of the Japanese
would be matched.

Several problems arose. First
machinery had to be found
which could speed up manufac-
turing without sacrificing
quality.

Second, the number of tools

used had to be cut heavily —
indulging engineers and
machinists had allowed more
than 2,000 cutting tools to be
developed over the years; work
in progress took so long that
nine components could be wait-
ing in line while a tenth was
machined.

Third, co-ordination had to be
achieved so that when one pro-
cess finished tbe next could
begin almost at once.

Last the distribution and
storage of parts had to be auto-
mated. Men with push-trolleys
weaving in and out of work-
shops, overlooked by men on

ladders searching among racks,
were to be things of the past
The success of AIMS can
already be gauged by the cash
saved. In 1978, stocks were
worth EllAm. By 1983 the
figure was £6Am. This year, the
value is expected to be no more
than £2.3ixi. A one-time saving
of £4.6m has been achieved on
stock holdings, based on 1983
loads, and there will be an esti-
mated annual interest saving on
stock-carrying costs of £700,000
at 1984 prices. Moreover, disc
output is much quicker than
before AIMS was introduced
while the workoforce has been
halved to around 80.

Machine
lifts output
twentyfold

THE MACHINE that has
most transformed production
at Rolls-Royce’s AIMS plant
is the Heyligenstaedt twin-
sided profile turner, which
can tun both sides of a tur-
bine or compressor disc
simultaneously and Is 20
times faster than its predeces-
sors.

Four are installed in Derby,
each costing £lm. Heyligen-
staedt developed tbe machine
In West Germany in the late
1970s in dose co-operation
with Rolls, and the British
company notes ruefully that
Pratt and Whitney — a bitter
rival — has now ordered Iden-
tical machines for Us US fac-
tories. Rolls did not take oat
patents.

Mandelli of Italy relocated
a batch of machines for drill-
ing, re eling a "d milling. Rola-
tzue of Sweden built tbe
robots. Messer Grteshelm,
Siemens and Scfainpke-Haan
of West Germany also contri-
buted. IK Engineering, of
Castle Bonington, part of the
Cincinnati! - based MUacozn
concern, made tbe Microvee-
tor — a multi-axis co-ordinate
measurement machine.

John Harris, manufacturing
manager for the discs, wheels
and blades division at Rolls-
Royce, regrets that there has

lom Green
Construction Limited

0277-354141

been no substantial UK Input
on the machine ride, “The
British fwaetiiiw tool sector
didn’t ward to know,” he says,
“and now they couldn't
handle it.”

Re-tooling — more accur-
ately, de-tooling — was an
even greater success. Tbe
2AB0 cutting tools previeuriy
used were reduced to 10ft.

Another breakthrough was
the adoption of a standard
slave ring and slave centre.
These shape and refine the
circumference and core of a
disc, and the new duo can
perform duties previously re-
quiring a multitude of tools.

Co-oidination and control
are at the heart of ADIS. By
1981, much of .the work of
introducing new machines
and rationalising production
had been carried out What
was lacking was a means of
getting tbe most out of the
system.

Computers were obviously
the key but were of Utile use
without specialised software
to drive them. Rolls soon re-
alised that its needs were too
specific for a boughi-in so lo-
tion. A team of company
experts was assembled instead
and 16 mao-years of effort
yielded a control programme
in little more than 22 months.

: '•> * ^ ^

"• • -• -V\- ••

•o.

./ •

t

- ■* '~ v - •

- w'

George' Radda with his magnetic
spectrometer.

Magnetism

OUT OF THE
BACKROOM

Into healtli

PROFESSOR George Rad da Is
a scientist with a mission to
understand Ulneas — precisely
where the breakdown . occurs
when we fall sick; or what vital
ingredient may be missing In
people bom UL He sees the
patients who baffletbe doctors.
His teem, in Oxford, has made
its name internationally In pin-
pointing the., cause of obscure
diseases and in Adding cures.

Prof Radda. officially British
Heart Foundation professor of
wi olftcril»i» cardiology in Oxford

umvcusujr b ucyw * wa-

chemistry, has • teanr of 35,
While other Oxford medical re-
searchers are campaigning for
more government funds. Prof
Radda has amassed dose to £ 2 m
from . public and private spon-
SOTS,

Finding the to keep their

instrumentation ■„ competitive

Internationally is a major prob-
lem for many -British research?

"Sis four key - instruments,
developed since the eariy-l970s
In dose caUaborsbon. with the
makers, afford a new way of

examining the biochemistry of
our bodies. They can look right
inside the Hving tissue?- the
heart or the kidney, for example
— and spot where the chemistry
is going awry, .

Hazards

The technique- is called

nuclear magnetic __ resonance
(NMR) spectroscopy. NMR. has
excited public attention recently
as a new kind of medical
sc anner , capable of " imagin g
the recesses of . the body without

exposing patients to the hara rts

of X-rays. It

to generate toiu pseturea ra
organs, such as -the heart at
work, mad to meaOTre tenpera-
tures 'and flow-rates of body

fluids without “invading tha

patient with needlM ortitas.
n prof Radda- fa "SMigJ^SrJS
a quite different way, to follow

the Wodiemieal reactions wMch

turn biofuel into energy driving
a muscle, for

amferate the e lectrica l signals
^ the nerroos system.

He is applyin* * tw* already

well-known to- the chemist as i a
powerful way «f resoi vmg the
gtnictinre of « complex synt^Hc
biochemical snch as rnwdntf
or pesticide, to the problem of

2WH0WUDE

fluc owmin

BOBBS COMEClMSs

. . . - V .. L Co.Tbou.

2. , CaB Arnold Come*. .

- IhhhnArrfMnrtibanftwifnrtfa
•. ' ■dearenw enwmniiyitaee»? 2 . .

IfofjwcuhmwbHBediife
.. -pram iattabririeeb capM
• , fiftfawrif - -

A PicfadoMlLw) brooded

MspaiaHnfcMaMUSA
- itaiwsrissno

by

L David Fishlockj

living molecules and the bio-
chemical reactions inside his
patients.

The essence of NMR spec,
troecopy ls to strike one par-
ticular ingredient with macro-
waves, so that it gives off a
characteristic signal. In order

hear this signal, the experi-
ment must be shrouded in an
intense magnetic field.

Working ekweiy with Oxford
Research nearby — initially a
subsidiary of the Oxford Instru-
ments group but since sold to
the West German firm Broker
when its British founders
derided to concentrate on high-
field magneto rather than NMR
instruments — Prof Rsdda’s
group has developed a aeries of 1
NMR spectroscopes. The latest
will, accommodate a whole
patient.

They have been studying i
patients who complain of
excessive f atigue— -mental as
well as physical— after a boot;
of viral infection. Doctors do
not understand this condition
but the team has observed s ome 1
quite abnormal biochemistry
occurring early in exercise in
14 such patients.

Prof Radda sees NMR spectro-
scopy as a “window" through
which science can begin to
observe the human machine as
a whole, rattier than piecemeal,
as in traditional medicine. It is
beginning to reveal bow the
organs and parts interact bio-
chemically; and how they try to

adopt to any disease or damage

Defects

A chronic condition — such as
a genetic defect— -usually leads
to major adaptive changes in
the body's biochemistry, be con-
cludes. If NMR spectroscopy
can explain how nature tries to
adapt to damage and defects,
doctors may be able to devise
treatments that brio the process
to- take . place faster or more
efficiently. -

He has coined the term
“adspti^e therapy* for this
new concept of medicine, m :
contrast to the “ replacement 1
therapy” prattised at present.
Sometimes It may mean as little
as a minor change in diet

NMR. scanning, although
widely used by doctors, especi-
ally is private medicine in tbe
US and. Japan, is still a research
technique rather than an
accepted diagnostic practice
like X-rays.

But the main manufacturers
such as GEC-Picker in Britain,
US General Electric, Siemens,
Philips, have begun to see the
potential for combining imag-
ing md spectroscopy in one
machine.

Now that we’ve
lowered our prices,
not having a phone
in your car has
become even more

expensive.

Thirty four pence a day more expensive,
actually Because what used to be £1.02 a day is
now only 68p*

Qf course, that’s just a drop in the ocean
compared with the cost of not' having a British
Telecom phone in your car

Think of the wasted hours on the motor-
way The opportunities missed. The orders lost.
The absence ofcontroloveryour business. The

general inefficiency of being constantly out of
touch.

A situation simply remedied at the cost
of a paltry 68p a day* -- —

For information on our full
range of mobile phones and their ( 3=L )
new, lower prices, call 01-730 0899 \^a^^reseiDut i
or send the coupon.

British Telecom Cellphones

1 ib British Telecom Mobile Phone Division, FREEPOST London El .1NX. I would like more j
| information about tbe TfeJecom Diamond range of Cellphones 1

Positior

Postcode-

.Telephone.

4* British I

jjgJ TELECOM !

Ion aS-jaa: ta*se ri the Brian Ifckcn Jm nr C*DpB6B*«»dt

l(»MsyffMunul<n3?etlju*il£!).H

VAX Prio damn cw«« tea af BOtep wpMM.TfceCMa«ByB* u *wdycBi W BW«W»9(»l»PX pa|wl * lte.

14

Financial Times Thursday February 20 1986

THE ARTS

The Run to Earth/Apollo, Oxford

Clement Crisp

I do not believe that obscuran-
tism in the theatre has any
merit. The audience's age-old
cry of , *What , s it about?" may
sometimes ask for messages
where no message exists, but it
is an understandable response
to that frustration which comes
when, as with Siobhan Davies'
new piece for London Contem-
porary Dance Theatre, some-
thing is clearly going on, but
no Information percolates from
the arcane rites on stage.

It is a nice comment upon the
supposedly “popular” contem-
porary dance manner that, un-
like the “elitist” and “snobbish”
and “difficult” art of ballet, it
leaves questions unanswered
thst no classical choreographer
would dream of posing to a hap-
less audience.

Kiss Davies* latest. The Run
to Earth, is set to some back-
ground susurrations and tweet-
ings by Brian Eno. There ds a
menacing and tatterdemalion
back-drop, like CrO-Magnon
laundry, by David Buckland and
Russell Mills, which impercep-
tibly lowers part of itself on to
the stage.

Two dancers, Lauren Potter
and Darsham Singh Bbuller,
are marked out from the rest
of the cast by their blue-green
tunics end tights. The four
other couples wear silvery
brown. The leading pair dance,
protecting each other, dragging
about the stage or reposing,
while the remainder wander,
pose, lean, and make little
shapes on the ground — the
movement language exhausting
itself long before the curtain
falls.

During the lengthy 30 minutes
of the work, there is plenty of
time, so dull the dance, to
wonder just what is going on.
Are there hints of obstetrics,
biological mutation, post-holo-
caust society, or merely the
Manic-Depressive Formation

Dance Team on a bad day? I
neither know nor care. Preten-
tion and non-communication
reign.

The LCDT dancers labour
manfully, but give a general
feeling of spiritual exhaustion.
How much better are they
served in Christopher Banner-
man’s Shadows tn the Sun, with
its handsome lighting, and the
expressive incidents the choreo-
grapher has abstracted from the
novels of D. H. Lawrence. Fine
dancers are well employed, and
look splendid.

★

Tribute must be paid to the
memory of Joseph Duell, whoso
death occurred in New York on
Sunday. A principal of New
York City Ballet. Duell was a
dancer of elegant style, noble
hearing, sure talent.

In his 30th year he had
already given much to his com-
pany, and we had much more
and much greater hopes for
him. I have, during the past
decade, reported with admira-
tion on his performances in
many roles — most recently in
Lietesliederwcdtser’s ideal cast
— and on the promise of his
first choreographic essays.

His La Croatian da monde for
School of American Ballet
students; his Introduction and
fugue in the 1981 Chaikovsky
Festival, told of a grasp both
intellectual and musical of his
craft He was also possessed
of an admirable analytic intelli-
gence allied to great charm of
manner.

One of two brothers, both
principals of ibe company,
Joseph Duell had gifts that
should have led him to the
grandest achievements of his
railing . Ttis death bay dimi-
nished the world of ballet He
had grace of spirit as well as
of manner.

Joyriders/Tricycle, Kilbum

Michael Coveney

Christina Reid's tough, funny richer (deposited in a trust) to

and pungent new play far
Paines Plough opens with a

declare “the most 31'

egible bachelor in West

quartet of Belfast kids giggling Belfast” The party removes to
irreverently at a performance Kate's house (wine and candles)
of The Shadow of a Gunman, and Arthur persists in his
When Minnie Powell is shot stalking of Sandra, even if she

dead, only one of them, the
susceptible Maureen, is moved.

is stashing away Kate’s whisky
in a plastic bag. Arthur will

The snapshot dissolves to the finally set up his business, but
Divis Flats centre in West Bel- the disenchanted Sandra will
fast where a social worker go no more a-joyriding in die
from along the Malone Road is back seat. Gerard O’Hare,
running a scheme offering train- scarred and vibrantly funny,
ing in hair-dressing; cookery and Michelle Fairley, sour and

depressingly realistic in oat-
look, play this relationship to
perfection. . --i

Things do pile up a little,
rather in the manner of the

and electric knitting.

The design by Ellen Cairns
shows the flats subsiding in a
blow-up black and white jigsaw
and the young residents see

S&SU ^mother ‘has .Jflf* i™”?? <F 1 f bi ^ 1

mad. her brother is glue-sniff- Cartwright) has has hands

gf J^Sm^SE a”^

couraged kleptomaniac. And

is suddenly revealed to be preg-
nant by a nice middle-class

Arthur, with a limp and a steel
plate in his shaven head, is

waiting for his compensation ^«BSS

Claim tO come Up in court. JSSftheBntaiSeVarSlSL " a!

Arthur is claiming against A?

the British army after injuries
sustained in that popular n S

poio,s *

authorisation through military 681 81 ute D CK W8U * * *

Pip Broughton's production
makes robust interscene use of
defiant songs first written and
performed by Divis Flats resi-

checkpoints and brick walls.

With the do-gooding super-
visee Kate (Veronica Duffy)

lamenting her shadow socialism _

with the encroachment of dents while ensuring that the
middle age and various teacher/ performance is moving without
pupil duets interrupting an being mawkish throughout The
occasionally contrived scenario Thomas KJlroy play in London-
of disgruntdled inaction, there derry last week was part of the
is a danger of the play slipping Irish renascence in poetic, alle-
into formula and routine. But gorical drama that thrives along-
the sharpness of the writing side the flinty documentary
keeps it going until lyricism theatre of Martin Lynch,
breaks through and dramatic Graham Reid and (no relation)
tension develops out of the cor* Miss Reid. The troubles have a

porate response
court victory.

Arthur returns in his ill-
fitting slate grey suit £70,000

to Arthur's habit of producing strong
drama, and that is just one
strong link this play has with
O'Casey.

Gallery Notebook/William Packer

Tribute to contemporary painting

The Juda Rowan Gallery
spent the autumn celebrating 23
years of dealing in contem-
porary art. Now it is paying
tribute to the Contemporary
Art Society which is in its 75th
anniversary year (11 Tottenham
Mews, Wl, until Mart* 1).

Caryl Hubbard, the Chairman
of the society, has been invited
to nuke a personal selection
from the work of artists repre-
sented by the gallery and 20 per
cent of all sales is to go Into
tiie society’s funds. No other
conditions were place upon her,
but it is in the nature of the
long-standing relationship be-
tween the two parties that most
of the TO artists she has fixed
upon should have had work
bought by the society at one
time or another.

Mrs Hubbard has confined her
choice to works on paper, with
two or three small paintings on
chipboard by John Golding the
only exceptions. Each artist is
allowed a group of works hung
together and all. in the event,
is arranged with admirable
clarity and sense of space.

The: scope of the gallery's
interest in British art is re-
flected, . if not actually defined,
and it is no surprise that most
of the work should be non-
figurative. The trend of the
times may be away from ab-
straction, but quality is always
more interesting at heart than
to be reminded so . lightly that
such artists as Bridget Riley
and Paul Huxley are among
the best we have.

Alan Reynolds, too, shows
himswif to be an artist of real
power, for all his exquisite and
somewhat self-effacing refine-
ment, while Nigel Hall seems
ever stronger and authoritative
beneath his dra ughtsman ’s
rather than his sculptor's hat.

As for the figurative work, it
needs no special plea entered
in its behal£ Michael Kenny's
emblematic drawings upon and
around his ideas for sculpture
grow ever more self-sufficient,
just as the large relief panels
he has lately shown have be-
come so painterly. Anthony
Green’s working drawings are
what they always were: direct,
practical and wonderfully eng-
gaging. David Nash, another

Covent Garden in the late 1930s, as observed by fashion illustrator Francis Marshall

sculptor, is the gallery’s recruit,
whose work is fi^rative-in that
it is worked from and in
nature and the landscape. Bis
drawings for. projects hint at
what we might see when he
shows in the gallery later in
the year.

♦

Fashion illustration as a
means of description and report-
age flourished through the 1950s
but then vanished suddenly as
editors lost either nerve or
interest, or finally accepted the
specious superiority of the
photograph.

Francis Marshall, whose work
is on show at the Parkin Gallery
( 11 , Motcomb Street, SW1, until
March 14), supplied the image
of high fashion in magazine,
newspaper and advertisement to
millions whose curiosity may
never have extended beyond
those familiar signature initials.
Here we see the argument for
wit and charm and sophisti-
cated graphic observation re-
vived most persuasively.

Marshall was more social
observer than fashion specialist,
always seeing la mode In its

social context, the beautiful
woman his essential study as
an artist as she swept through
the great world of theatre, ball
and banquet, and the outdoor
life of the countryside and
travel. London, with its street
life and social rituals and
contrasts, was his other abiding
preoccupation, and all came
together in sketch-book after
sketch-book which he filled with
the lightest note and scribble
to catch each trick of attitude
and gesture.

It is wonderfully enjoyable
and seductive material, beauti-
fully competent and effective
within the natural limitations
of the genre. But we should
not wiq the point that Marshall
was an artist first and an illus-
trator second, who found his
metier and was able to develop
it over many years. Editors
cannot excuse their late neglect
— rhing * are now a little better
— by the self-answering argu-
ment that young artists no
longer came forward for en-
couragement, when exactly such
encouragement was hardly
offered.

Mdrio Grav Borges,* at the
Stephen Ba rtley Gallery (62 Old
Church St, SW3, until March 1),
is a young Brazilian painter who
has worked and shown in
London before, but has only
lately returned from an ex-
tended period an his home
country. He Is showing a
range of recent work, hut it is
the latest that Is the more
interesting, for he has moved
away from a flatter, more
graphic and openly decorative
quality in the work towards a
denser and richer surface and
more ambiguous imagery.

He his pointings stilWif e
landscapes and Indeed he does
look both near and far and
move, with a curious dexterity,
between interior and exterior
spaces, the imagery of streets,
seascape and table top faceted
amt fragmentary. These paint-
ings are generally modest
size and sometimes tiny, yet -»
says much for their authority
and rightness of scale that they
should register In the visual
memory so strongly.

Piprrahras^PIavhouse, Oxford

Rodney Milnes

Satie Day/Night/Lyric Studio

Alsstair Muir

Michael Attwell (top) and Sylvester McCoy

The composer Erik Satie was
half-French, half-Scots. This
may pxpiahi why Adrian
Mitchell’s twoman «* tausical
party” about him at the lyric
Hammersmith Studio emerges
as a long music-hall turn of
pawky quiridness, northern
European whimsy expressed
with Gallic precision; as if Ivor
Cutler had sat his baccalassriot.

This vaudeville presentation
of Satie’s life begins with
ominous tweeness as bulky
Michael Attwell, in an insecure
false beard with a seagull
fastened to his yachting cap,
trundles on with a wheeled
boat Sylvester McCoy demands
a story from Uncle Seagull and
we launch into Hans Andersen's
Little Tin Soldier. The tale is
resumed sporadically through-
out the play, a counterpoint to
Erik’s own vicissitudes, to
merge finally with Plato's
account of the death of Socrates,
another thread in Satie’s
cultural obsessions.

He was also a political
radical, which led to a rift with
bis more prosperous friend
Debussy (whose Christian name
is rendered by the undisguis*
ably Caledonian Mr McCoy as
Clod). Capable of lowering a
fee offered him (he thought it
too generous), Satie was nick-
named " Mr Poverty." He
bought 12 identical corduroy

Martin Hoyle

suits and put them away un-
touched. His interest in phono-
metry prompted him to com-
pose Three pieces in the shape
of- a pear. A cafe pianist, he
wrote music-hall songs. He was,
in short, that theatrical menace,
a lovable eccentric.

A menace because the
writer’s, or actor’s, temptation
is to lose sight of normality.
Hence the remorseless face-
tiousness of Mr Mitchell's
script, ranging from the vener-
able — if “ I was born into the
world at an extremely early
age ” are Satie’s own words, the
author does him no service in
recalling them — to the corny:
cries of "sacred blue ! ” or
“ derri&res up ! references to
a one-cbeval town; and, un par-
donably, “pardon my French.”
All of which yields diminishing
returns as we forget the
genuine oddity of real Satie.

Mr McCoy's brilliance as
clown almost carries the show.
Resembling an athletic
Toulouse - Lautrec miming
various sports, disastrously
waiting at table and fishing a
sock from the soup, he is easily
in the league of the great silent
screen comics.

The pianist Clare Sutherland,
in beard and male attire, pro-
vides a musical accompaniment
as Erik’s alter ego.

BUSINESS IN

The technological back-up services, financial help and modem
premises available in Birmingham are encouraging new companies
to spring up and entrepreneurs to move in.

Because whatever you make, you can make it big in Birmingham.
Start engineering a better future for your company now.

Telephone: 021-235 2222

Birminaham

j^PH -E B US I N E S S CITY'

Oty of Srmjngham Economic DyvH o pmmt teift.GonqrcvB Howe. 3 Co o jr i wiPiT m g *. WrmfeigiapiB33nA

Arts Guide

Muste/Monday. Opera and BaftoVTuesdsy. Thutra/
Wednesday. ExMbtttaas/Thursdsy. A selective guide to
al the Arts appears each Friday.

Exhibitions

PARIS

Readmulfs engravings: Engravings
from the Dutuit collection represe n t
Rembrandfa intimate world, his
family, his friends, even shopkeep-
ers mid beggars. Every subject in-
terests him, from biblical scenes to
the most varied expressions of bis
own face, from a portrait of a philos-
opher to an image of a couple mak-
ing love. He experiments endlessly
with the technique of etching, with
di ffe re n t types of paper until he
achieves the same strength of artis-
tic expression in engravings as he
does in paintings. Petit Palais,
Closed Mon, Ends April 20
(42851273).

WEST GERMANY

Benin. Scfatoss Chartottenburg,
Orangerie: Art During The British
ExOe. 300 works by 30 painters, ar-
chitects and photographers are on
show. Among them Kurt Schwitters,
Walter Gropius and Tim N. GidaL
Ends Feb 28.

LONDON

Ibe Royal Academy: Sir Joshua Rey-
nolds. The long-awaited tribute
from the Royal Academy to its
founding president fills the princi-
pal galleries of Burlington W rpuM.
until March 31 (sponsored by Na-
tional Westminster Bank). A trun-
cated version has already been
shown in Paris. It is an equivocal

mmpliTTMTi^ for jf mnfii TTiM Reyn-
olds as one of England's major art-
historical heroes and exposes his
limitations as a painter, t Asking the
flair of such contemporaries as
Ramsay and GfUnsbOtOUgh, let

alone of the older masters of the
grand manner, such as Van Dyck
and Veronese, be had the ambition
to match himself against tham and
whatever he achieved in position
and accomplishment was by effort
and determination.

BRUSSELS

Women hi Rmraonio Times: 96 ob-
jects from the Cairo Mnsedm in-
cluding jewellery, make-op and per-
fume eases, mtigtoos objects and

w iwi w il liidnwnafih reflecting *ha

status of women in Court and Tem-
ple roles. Mus£e d*Art et HLstoire.
Ends Feb 23.

NETHERLANDS

Gr o nin gen. Grooinger Museum. 17th
and 18th-century drawings from the
collection left to the museum by the
<iiMirgiii«h«d art histor ian C. Hof-
stede de Greet, including sheets by
Rembrandt, Cuyp and Kon i n cfc.
Ends Mar 2.

ITALY

MUsn: Palazzo Reale arid Palazzo Ba-
ga t ti Valspcchi: Edvard Munch
(1863-1944): A large retrospective
show by the Norwegian forerunner
of the expressionists. An extraordi-
nary conveyor of pain and anguish.
Most Of prinKnp Wrft fro m Um
Miim* Hmaimi in Oslo. Until
March 12.

SPAIN

Bana k aia The saurus, L’Art deb Bis-
bats de Catalunya spo n sored by the
Fundacto de la Caixa,and collabora-
tion of Tarragona's Episcopate. 170
works carefully chosen and of great
value. All pieces have been cleaned,

Feb 14-20

restored and thoroughly catalogued.
Palau Macai, Poseo de San Juan,
Barcelona. Mamh 2.

NEW YORK

Metropolitan Museum: Liechtenstein,
the Princely Collection, one of the
greatest private collections in Eu-
rope. shows a variety of the hold-
ings, like a French Rococo carriage,
firearms, sculpture and a hundred
paintings, inriiiding 19 Rubens, five
Van Dycks, and eight Francesdu-
nls. Eads M ay 1.

WASHINGTON

National Museum of American Art: 73
works of New Zealand Maori artists
show the mixture of religious, sym-
bolic and artistic traditions in feath-
er cap e s, ceramic vessels, carved
and painted gourds and woven
bangings using native materials.
Ends March 9. Ren wick Gallery.

TOKYO

Masterpieces of Kandsn Cer ami c s:
One hundred antique bowls, jars
and vases of 16th-century Korean-
influenced ware from Kyushu, the
large Japanese island nearest Ko-
rea. Karatsu is made from sandy,
iron-bearing day and decorated
with glazes of dark brown iron and
ashen white. Formed by band, they
possess a rustic, warm quality «nH
are extremely attractive. Idemitsu
Art Gafiery (9th floor at Kokusai
terfirfjtip , Marnnouchi. near Cttrm
and main hotels). The museum also
offers a quiet tea room and excellent
views over the oasis at Tokyo's
heart, die attractive moat and
g re e n ery around the Imperial Pat
aoe. Ends Mar 16. Closed Man.

The failure of a genius of
Schubert's stature to write a
successful opera — and he tneu
repeatedly — remains one of the
most intriguing byways of musi-
cal history. Not all would
accept that he failed: Clive
Brown, who conducts the
Oxford University Opera Club’s
production of Fierrabra* (1823)
has described it in Opera as a
neglected masterpiece, and his
heartfelt advocacy shines
through every minute of. his
well-paced, affectionate direc-
tion of an ambitious staging by
David Cann in clever decor by
Peter R. Hall (Franks and
Moors are presented as under-
graduates and punks, l.e..
Town versus Gown — and it
works). Neglected Fierrobras
certainly is — it remained un-
performed until long after
Schubert's death— but a master-
piece, alas no. .

Problems start with Josef
Kupelweiseris libretto in the
heroic-chi val ric mode much in
favour at the time (Euryanthe
was premiered in the month
that Schubert finished Fierro-
bras). There are two sets of
ill-starred noble lovers, two
heavy fathers, one outsider tor-
tured by unrequited love, plus
necessary confidantes, and the
action oscillates between
Moorish and Frankish camps.
There is thus an awful lot of
plot.

The most interesting charac-
ter is not the eponymous
Moorish prince (though this
alienated outsider must have
appealed strongly to the com-
poser) but the young knight
Eginhard, whose dishonourable
behaviour in Act 1 motivates
one strand of the action. It is
symptomatic of the unwieldy
structure that when he settles
down to express remorse in
Act 2, what should develop into
an interesting scena is brutally
interrupted by marauding
Moors, simply because we have
to get on with the action. Kupeb

wleser seldom gives the com-
poser time to develop the
characters musically.

It goes without saying that
the score nevertheless contains
much glorious music. There are
gentle, folk-based choruses of
abundant charm, and a duet for
lovers meeting by night of such
piercing beauty that one wishes
it would go on for ever (Semi-
trert, being Schubert, i« very
nearly does). There g an
especially fine. restlessly
modulating number for the
troubled Moorish Princess m
Act 3, and a tormented solo for
Fierrabras that is extremely
effective as long as you forget
the corresponding passage in
Euryanthe. a score that casts a
long, long shadow over Ficmx-
bro&

But in amongst much highly
competent through-composition
of narrative and dialogue
(speech and melodrama also
play their part) there are
moments where you feel that
the composer resorted to the
automatic pilot, if for no other
reason than that he completed
the score in a matter of weeks.
More troubling are passages of
perky Schubertian charm that
are Inappropriate, to the dra-
matic situation: what should be
a thrilling escape in Act 2, com-
plete with Fidclio’s trumpet
call, is delayed by admittedly
good music to near-farcical
effect.

But if Fierrabras fails in the
end— and the only way to find
out is to see it on stage— it does
so to music that no one with a
soul would want to miss, and
there are further performances
tomorrow and on Saturday. The
devoted cast, headed by Alison
Truefltt, Neil Lnnt and Paul
Wilson, also includes Chris-
topher Parke, a remarkably
gifted undergraduate whose
well-rounded, mature bass-bari-
tone could earn him a profes-
sional career It he so chose.

Die Loreley/Bloomsbury

Max Loppert

Max Bruch (1838-1920) was a
prolific composer to whom pos-
terity has allowed only a single
widely-remembered work. But,
as well as the violin concerto
(the first, of course, in G
minor), he produced orchestral
works and quite substantial
choral compositions in some
profusion. And there are the
three operas, one of which, the
youthful Lore ley (1863), had
quite a success in its day. It is
this that University College
Opera has chosen for its annual
opera production . — Tuesday
evening’s opening performance
seems to have been the work's
British premiere.

The libretto, by Giebel, was
originally written for Mendels-
sohn, who died having tackled
only a very few scenes. Its
subsequent publication inspired
the young Bruch’s enthusiasm,
and he persevered until per-
mission to set it came his way.
On Tuesday it was impassible to
understand the paint of such
perseverance-— just as it was
bard to divine why the result
enjoyed even a brief vogue, or
(to be brutally honest) why the
UCO music director Christopher
Fifield should think it worth
reviving at aS today. The plot
rammaiy reads like a version of
GiseUe in which peasant-girl
victim and avenging Wili are
combined in the same character
(the heroine Lenore, betrayed
by the noble Otto, joins forces
with the Rhineghosts to secure
his downfall).

For the date, this brand of
watery Romanticism was surely
already beginning to seem old-
fashioned. It could be said that
Bruch’s score keeps close faith
with it by sounding old-

fashioned itself in every bar
(listening to Die Loreley, one
might be excused for forgetting
that the chromatic harmonies of
Euryanthe or Lohengrin had
ever existed, let alone preceded
Bruch's diatonic blandness).

Bat it’s not the retrogressive
nature of the music that proves
wearying so much, as its appar-
ently inert, undramatic nature.
Formulas are rolled out in
plump, anodyne textures and
chubby but unmemorafale vocal
lines, and then repeated at
length. (The failure to concen-
trate any impetus in the fourth
and last act is the epitome of
this ■ process.) There are
pleasant choral episodes, which
one might quite enjoy at some
amateur German choral com-
petition. But in the theatre,
nothing sticks, and very little
works.

As it happens, keen choral
singing was one of the main vir-
tues of the performance. It was
the sort .of occasion which the
kindly reviewer desperately
scours for virtues; but the pro-
duction produced very few— the
combination of no money and
vaulting ambition Is always a
particularly risky (me, as more
than one episode here proved
(why have the armpits of the
male choristers been shaved?).
There is a sound cast, led by
, Penelope Chalmers (musical,
not always forcefully projected,
in tiie soprano title role), Mafk
Hamilton, Elizabeth Brice, and
a notably promising young bari-
tone In Howard Charles. The
opera is sung in comically
variable German. Further per-
formances tomorrow and
Saturday.

Royal Academy/ Antony Thoracroft

Burlington goes British

The Royal Academy at Burling-
ton- House announced its 1986
programme yesterday. The
flavour is distinctly British,
with an emphasis on non-
painterty art forms.

On March 21 an exhibition
opens devoted to the works of
Sir Alfred Gilbert, for ever
associated with his sculpture of
Eros, bat one of the most
famous, and now forgotten,
artists of his generation — the
last two decades of the 19th
century.

Then, after the Summer
Show, which runs from May 31
to August 24, an autumn exhibi-
tion celebrates the work of
three British architects —
Foster, Rogers, and Stirling. It
will be the first big show of
British architecture at the RA
for half a century and wall
attempt to present the creations
of the trio in a more immediate
and popular form. ■

Paint makes a belated re-
appearance at the RA on
January 15, 1987, when British
Art in the 2 Oth Century
attempts to do for home-grown
art what the recent show of
20th-Century German art did
for that country. Everyone from
Sickert to Gilbert and George
will be included in what should
be a memorable occasion.

For the winter of 1987-88 the
Royal Academy hopes to mount
one of its blockbusters, this
time devoted to Gothic art.

London Is awash with contin-
ental picture dealers, many of
them Dalian, buying up stock

at the auctions. Sotheby's sur-
prised itself yesterday by
making £523,160 in a morning
session of Old Masters with
some prices way above forecast,
most notably the £30250 (top
estimate £9,000) paid for a still-
life of flowers by Jacobus Lint-
horst. Such paintings are in
great demand at th«» moment

The Italian dealer Lupi paid
£19,250 for the Rood to Calvary
from the studio of Pieter Aers-
ten, while another Italian
dealer, Esperia, paid the same
sum for a pair of kitchen still-
lifes by Felice BoselH.

Christie's Chinese sale was
rather disappointing, with a
morning total of £75,324 and 32
per cent unsold. A massive
fomille verte fish bowl, late
Quing, was on target at £5,400.

‘Cafe Puccini* at
the Wyndham’s

Cafe Puccini, a. musical bic
graphy of Puccini by Robii
Ray. will open at Wyndham'i
Theatre on Marsh 12 foUowiai
a run at The Theatre Royal
Brighton.

Directed by Christophei
by Tin

Godchild and with musical
direction by William Blezazd
!"**■* deludes Lewis Fiander
McAiOiffe, Char lei

West. Terence HiUyer. Jactntt
miucahy and Maurice Claris.

Puccini is presented in
by Cameron Mackintosh
gd^te^Really Useful Theatre

Financial limes Thursday February 20 1986

People talk!

44Not only does this machine leave the AT for dead in £4 as the benchmark show, in terms of processing
terms of performance, it also undercuts it by up to a power and disk accessing, the XENis a superb piece of

sta®ering £1600 without even taking into account engineering which can outrun most things on the

bundled software. The XEN offers incredible value for market For computationally intensive applications it

money, particularly considering its speed. Its response to looks to be a very good buy.M} PmcacoiComputing-

v mmman fk is almost instantan eous and loading software onuwy

seems to take a fraction of the time.taken bymore
mundane mioos. What Micro?- December 1985'

66lhe tricot XEN is a pleasure to use. Itis fast and
effective- showing off both the 80286 built-in processor
and Windows software to their best advantage . . . This is
the best machine the company has ever producedJ|®

££lt was the speed of the system which impressed pie
the most < . . you can forget just how'much work the
machine is really having to do.^^ pew- January ms

Thertfs a lot of talk about the new ApricotXEN.
Experts, normally restrained in their praise, are becoming

imn<a rally ftnthnsiflgtic.

Phrases like *5n a league pfits own" and < 5ncredible
value for money” are being used. .

, SowbyisApricot XEN so special?

Because of its astonishing performance, far one thing.
ApricotXEN has come out on top in every test so fen
hi an aitide measuring computer powei; the Guardian
dedded that something called “processor — memory
bandwidth” was the most accurate yardstick. Naturally,
Apricot XEN achieved the highest score, even beating
one of the leading minicomputer systems to the mark.

And wbenyou look at XEN*s storage capabflitk^ jfs
dear that they are just as impressive as its processing
power •

XENPS disk drives have brokenall the benchmark:
records tocx. So whether its the XEN FD with twin 720K
flcsppy drives, cm: the XEN HD with a20 Megabyte hard
disk, a XEN won’t keep you waiting.

• Andi£ as the gentleman of the press say, the XEN
floppy disks are fester than the IBM hard disk, just
imagine what our hard disks can do.

Bui what has really
ca ug ht the imagination of
the computer industry is
howlitfie this powerful-

machine costs.

iMmttemi

timm

pr- “ p&L.--.- - x>;;> 3

m

«*.v ;;

S'-

j

sa

kti-

&

n

H

Hi-fis

! <&4&

mm

Mi

4

%

m

444

With multi-tasking Microsoft Windows as standard, a
twin floppy disk XEN FD with 512K of RAM and a
monitor can cost as little as £2494, while the XEN HD
with a 720K floppy drive, 20 Megabyte hard disk and a
full 1 Megabyte of RAM is an astonishing £3494.

When Apricot offers this kind of value, the
competition will have to take a long look at their own
prices -if they expect you even to glance at them.

Gaoosing eventhe basic XEN configuration can mark
the beginning of a long and fruitful partnership.

The memory of an Apricot XEN can be expanded to
5 Megabytes. You can add a second 20 Megabyte hard
disk. Sora, telephone and modem communications, and
even an expansion box to make use of specialist IBM
cards, will be available, as will a tape cartridge back-up
system.*

AndXEN’s open architecture means it can run on
Apricot Netwoiks, and even run as a multi-user system
under the Xenix operating system.

Expansion facilities like these will keep an Apricot
XEN user sweet for a long time to come.

And so will the back-up. Only the top Apricot dealers
and ComputerWodds are allowed to sell XEN, so you
will always have access to professional support

To find out more fin in the coupon or mil us on
Freefone Apricot (via the operator) and well send
you a flee brochure.

Enough said?

•i 4 V ;■ i , - ' ''*444 W

m

:///•

Vm

$mw

4

s iff?

zkiil

4

i’-Vr??

’ * ■■•■**£?*$*

m

&a*£'

m.'-

, w .. v .

9$:

mi

mg.

w

"■pii

M

tintS..

TT*7,'

P^^Theonly

Alternative is to

pay more for less

Erw

16

Financial Times Thursday February 20 1986

FINANCIAL TIMES

BRACXB>1 HOUSE,. CANNON STREET, LONDON EC4P 4BY
Telegrams: Rnantimo, London PS4.Tetaoc 8854871
Telephone: 01-2488000

Thursday February 20 1986

Cross-talk act
on the dollar

IF TEE ART of currency any rate defensible. It is not
management is to keep the many years since Mr Volcker.
markets guessing, as nr&cti- speaking before the dollar’s
tioners in die Bank of England wel ^ under way,

fervently believe, then the US ventured a private judgment
authorities are showing them- that an appropriate rate against
selves masters in the art On Sj e ““S* 11 be

Tuesday Mr James Baker, US “K??

Treasury Secretary, told Con- 1 1 5f le «hore the top of that
gress that the administration

would “not be displeased" ““**«* “ the fall so far
with a further fall In the dollar. £

The markets promptly obliged. 5* u ® »“ “ mt ^ 5"?,**®
_ able to maintain their dollar

Yesterday, in testimony to

another committee, Mr 'Paul P nce ** tho V^? 1 Profit

Volcker. chairman of tfc£ JSSS - *E££P tEl
Federal Reserve, warned that a SSS- e " ther th “ ^

^ ”jg b e | 1 tofl aH °yg' ^ *Howev^r, Mr Volckert

cautious instincts are surely
th souud; the dangerous territory
S™ “E? SS 0 ™ 6 “ important wbere devaluation would indeed
rector in tJS monetary policy, couxt inflation, by isolating the
Hewent on to take ijp ^mmsr US market from competitive
tration hints that the US pressures, is quite near. Those
would welco me a new attempt American optimists who seem to
at international monetary believe that the collapse of the
roform - Opec cartel has banished all

H3 tS* , ES 5 !
s.“wsfe: rws ss^.s suissrwj

stage. Mr Baker has proved a iT1 thp _ n

determined and effective de- __T be S™ 1 in tte oil

valuationist since he took office, ti 1 **; probably produce a
and Mr Volcker has sounded his * w

cautionary note without effect axt ^ . t * ien voldters other
at several earlier stages in what warnings and aspirations will
has now been a very substan- become relevant He te cm-

Hal decline. Indeed, the dream cei ^ d aot ^ ““T w*Jb

which aU central bankers seem exchange rate, but with con-
to treasure, of achieving sub- fidence in the US fi nanc ial
wtanHaii adjus tmen ts in quiet system. Recent court judge*
and orderly markets, is prob- meats, which seem to have
ably unattainable. The British opened the door for all kinds of
experience of recent weeks unregulated enterprises to enter
shows that market-imposed the financial services market,
adjustments can be fairly {tain- could lead to a financ ial
less if they are not resisted, nightmare. Congress is asked
Indeed, the only effective way urgently to bring US banking
to stifle bearish sentiment in a regulation qp to date — and,
declining currency is to allow of course, to maintain its
the market to attain a level apparent determination to
which a sufficient number of attack the US deficit,
traders believe is undervalued. if Congress plays its allotted

part, then US pressure will turn
Rate rebound to its trading partners. We will

_ hear much of the US wish for

The real question for the international monetary reform,
dollar is whether rt has now — jf there is any disappoint-

ment over world growth — of

SSS sa-spffs^-ij's

inflation which would reduce J* 8 ,

the dollar’s real value in line

with its market price. r^ulatiOT in ame*

and adopts purely window-
As far as competitiveness is dressing measures against the
concerned, Mr Baker’s judg- deficit, then it will take some-
ment that some further adjust- tiling stronger than a cautious
ment would still be right is at policy to head off real trouble.

Growing pains
of innovation

THE Organisation for Economic existence of such champions
Co-operation and Development and potential champions with

T HAT old bugaboo about
domination by huge US
industrial corporations has
suddenly re-emerged in Britain
with the Westland affair and
the prospect of sales of parts
of BL to Ford General

Motors.

In recent weeks MFs have
seemed to vie to find the most
inflammatory phrases to arouse
this fear. Mr John Smith,
Labour's Trade and Industry
spokesman, said It was not the
time for “surrender and capitu-
lation.” Mr Edward Heath, the
former Prime Minister, said he
could not support a proposal “to
sell up the remains of the
British motor car Industry to
American firms.”

US direct investment in tire
UK has long been very large
and visible. Today it stands at
more than $32bn, according to
US statistics, more than in any
other country except Canada.
Dozens of US companies are
household names — Ford, for
example, has been prominent in
the UK motor industry for 75
yean.

There have long been
anxieties, especially on the
left of the political spectrum,
about the effect on national
sovereignty of transferring
decision-making power tn the
“boardrooms of Detroit"

These anxieties were pro-
bably exacerbated by alarmist
tracts in the 1950s, such as

Jean-Jacques Servan-Schreiber’s
Le Defi Americain and John
Kenneth Galbraith’s The New
Industrial State, posting the
domination of many key world
markets by a few US multi-
national companies. Both these
analysts have been proved badly
wrong, in high-technology in-
dustries, US companies have
been strongly challenged by the
Japanese, while in others,
attempts by multinationals to
organise worldwide production
and distribution systems — like
Massey-Ferguson in farm equip-
ment and construction
machinery — have come badly
unstuck.

But there have been more
substantial questions about ttie
long-term effects of a high level
of foreign ownership. Would it

CMs Wslksr

US MULTINATIONALS

Exploding the myth of
Great Britain Inc

By Ian Rodger

engineering (J. L Case, Cum-
mins Engine, Cincinnati Mila-
cron, Caterpillar Tractor),
chemical (Monsanto, Esso
Chemical), electronic (IBM,

stifle indigenous entrepreneur^ £

ship or lower the general level ® eiBZ ’ According to

of technology in a country?

UK manufacturing as a whole.

As for quality, the indications
are that US-owned companies
export a greater proportion of
their output than the average

There have, of course, been
failures. Chrysler’s purchase of
Bootes, the smallest of the
British car companies, is one
example; another is Litton In-

Might it curtail local political
control? Some people have sug-
gested that too much direct
foreign Investment will lead to

(me estimate, 12 per cent of
those employed in manufactur-
ing in the UK work for US
companies.

In recent years, however.

the creation of a branch-plant the North Sea oil and financial
economy in the UK. sectors have become important.

British manufacturer (although dustries’ purchase of Imperial
many also import a lot of inter- Typewriters — the company was
mediate goods from related later closed down and produo-
plants). They also spend more tion shifted to Germany. But
on research and development it is doubtful whether those
and capital equipment In the companies would have fared
UK than the average, and seem better under British ownership,
to have fewer industrial re-

Brttish-based companies. But a
recent survey showed that in
two major projects not much
more one third of the

business was won by British-
owned concern. A series of in-
creasingly stringent guidelines
has been applied to North Sea
operators to try to Improve the
situation. The latest move— ex-
emplified by last week’s an-
nouncement that Bechtel’s UK
subsidiary is forming a joint

Probably the worst expert- subsidiary is forming a joint

„ _ lotions problems than the ences to result from US direct ’’•“tore with Laing Construction

So far. there is little evidence A third of all US direct invest- «*«rage UK manufacturer. foreign Investment concern the 7““ to ”? ulre US engineer

to suggest that any of these “ent is In the petroleum Indus- , The paragon of foreign occasional extra - territorial “S contractors m this sector, to

debilitating trends has become *** and another 18 per cent is investore, according to these -applications of US law®. In ***« 00 UK partners,
established in the UK Many in banking, insurance, property y Y dsbc Si’ i ^ 1 £ Probably IBM, late 1984, for example, there However, the fact that US

US companies have been, and and other financial services. whose British operations have was a row over US documents- companies have rushed to snap

remain, among the country’s 1 W r hile there are no compre- ^ust reported the results of tion requirements being applied up small, innovative UK corn-

best corporate citizens, with tensive statistics on the signifl- pother spectacular year. The ^ exports of IBM computer panies in such high technology

strong records in exports, re- cance of US investors in various -“SSir equipment from the UK In sector® as computer-aided de-

search and development and sectors, the broad outlines are 1883 « toha Brown Engineering sign would suggest that the

employment practices. dear- US companies account Two thirds of this revenue tame

The challenge today, in the ?«* a large share of the £45bn §££.5?°”
view of the Government and invested to date in the North Britain s seventh largest ex-
some analysts, is not to discouz- Sea, represent about 47 per rent P°™J*
age US .or any other form of * reunion tan .the UK J®K d-tan.

and other companies supplying country's strong R&D tradition
goods based on US technology has not been hurt by the large
for the Russian gas pipeline US presence In many sectors.

inward investment in the UK, sector, and control more
but to prevent a deterioration th* 0 a third of the on pro-
of the quantity and quality of ducts market Ford and GM
investments being made. have 43 per cent of the car

T he statistics of US direct market and North American-
inv estme nt in Britain are owned companies supply 45
impressive. According to the per cent of the farm tractors
US Department of Commerce, sold in the country. IBM
its total value was $32.11bn at dominates most sectors of the
the end of 1984. That was nearly computer market, Heinz has
14 per cent of all US direct over 50 per cent of canned

machinery. It is a large and
growing employer. Its total
workforce rose by L292 to
18,798 last year. Its creation of
more than 9,000 net new jobs in
the past decade is probably un-
matched in British manufactur-
ing industry. ICL. whose
British ownership successive
governments have been keen to
maintain, M s seen its labour

ran foul of tile US embargo on
such sales.

As to fears that US takeovers
might lead to a decline in tech-
nological efforts in the UK, It
is true that in the past some
US companies produced lower
technology products in their UK
subsidiaries than they were
making In the US. But intensi-
fied international competition
makes tins difficult in most sec-
tors today.

An important exception to
these trends is the offshore oil
exploration industry, and the

Some people regret that the
large US investment presence in
Britain has brought with it
what they see as vulgar US cul-
ture, the phenomenon of Coca-
coionfsation. But US companies
often bring over more admir-
able cultural traits too. Ford,
for example, has effectively
proved to be a useful training
ground for large immiwr^ of
British manager®.

Whatever the merits of US
direct investment, the UK is
no longer the preferred loca-
tion as it was in the first half

_ over . _

investment abroad and^Tper «mps and’ Kellogg 48 per cent ^rl£ri£

of that in European Community of the diy breakfast cereal foS/s torfSirt* aLOOOtoS?.

i * - v Mro Ford, which has been much uavivAouim Miuuouj', turn U1C uvu oa u w « J

Manufacturing industries have .However, the ^JS ^ ysition maligned in recent days, also UK Government has been dis- of_the century. In 1961, the

cent of all US
Investment in

^ “L?® J®® 1 * 15 »bout equal to that Houstom” offidal figures show what^r^now ihe^EEC^oufr

2£or tJS f*® 1 67 ^ statewned BL, tiiat nearly 80 per cent of North tries. By 1984, this had dropped

sector trora, uenerai Motors), two yean capital spending In for example. Sea supply contracts go to to 32 par cent

The shift eras particularly

n renounced in the motor is*

JSSwafter the UK 2W«d the
EEC In 1973- Th* US-QWMd
cap makers seized on ti» oppor-
tunity to integrate their produc-
tion of car® and components oil
a Europe-wide basis.

Indeed, while Ford was pre-
pared to have all Granada* and
Capris made in West Germany,
it n^dp sure there ww a second
European source for every
. model made in the UK- Within
a short time, the UK plwts of
Ford and GM were no longer
able to supply even the home
market, and they increasingly
imported ears from plants e lse-
where in Europe. Between 1873
and 19S4. the share of mesa
so-called tied Imports ««e from
nil to 21 per cent of the UK
market.

With the great Improvement
in UK productivity in the
1980s. Ford and GM may begin
to restore the balance in their
UK activities. Ford has town
much more expansive foan G£.
making big investments in the
sew Transit van line at South-
ampton and the dteaeTengiue
line at Dagenham . Othe r pro-
jects worth about £S00m are in
the pipeline. GM, however, H
still under pressure to build
more cars and bay more com-
ponents in Britain.

Evidence from other indus-
tries. too, suggests that the UK
has halted and perhaps begun
to reverse the decline in Its
share of US direct investment
in Europe- la particular, the
build-up of investment in the
North Sea and, more recently,
in the City of London, lues
offset the relative decline in
nmnufacturlng.

One worrying trend in US
direct investment is that com-
panies are tending to invest
more by way of acquisi ti o n s
than greenfield projects.
Acquired UK companies tend,
initially at least, to be leas
orientated to exports than a
new plant might be.

Another concern is that Inves-
tors may be less committed to
acquisitions than to their own
greenfield plants. This may be
particularly true in The comput-
ing equipment and other high
technology industries where
product cycles are short and
key workers highly mobile. -

Professor Neil Hood, pro-
fessor of business policy at
Strathclyde ' Business School
and and expert on direct foreign
investment, says: “I -am far
more suspicious about the kind
of investment coming In now
than anything we have seen
since the 1950s. Obviously, we
cannot tell these people to go
away, but we must try to get
more spin-offs from them.”

The issue of direct foreign
Investment is not an easy one,
but it does not seem in any way
to justify ttie highly emotional
responses that US direct
foreign investment still arouses
in many quarters.

There is perhaps a cense in
which. British based companies,
with their principal research
centres and. their senior man-
agement located . th Britain,
are more committed to the UK
than foreign owned concerns.
What Is needed Is a balance, but
one that does not shift too far
In tiie direction of foreign
ownership.

The situation In the UK even
if the latest deads go through,
is still a long way from one that
could even remotely be
regarded as colonisation.
Indeed, few significant
economic developments of the
postwar period can have had
so many beneficial effects and
so few bad ones.

in Paris is breaking new ground
with a series of studies of
industrial innovation policies in

their hold on available
resources has often proved
a hindrance not to the birth

member countries. The first of innovative businesses but to
such report to be published their development into larger,
comes from a group of more robust entities. In the
distinguished figures in public end the fleet matters more than
and corporate life who have flagship,
studied the situation in France.

But their analysis and proposals tower

have a much wider application, Beyond tiiat, the emergence
especially for Europe with Its of new manufacturing methods
signal difficulties in digesting permitting the application of
high technology. automation even in producing

Many mistakes could have small batches entails a rethink-
been avoided in a long list of ing of the entire concept of
countries if greater regard had economies of scale and, hence,
been paid to a basic principle of the value of sheer size. That
repeatedly stated in the report: is not to deny that plenty of
that devising new technologies areas will remain where scale
Is less important than ensuring- must remain a crucial con-
that they are diffused and sideration.
sensibly applied. To overstate The headline point in the re-
the argument: a profitable fae- port from ttie OECD Investiga-
tory producing low technology tors was that they had criticised
goods using Wgh technology the vaunted system by which
methods or comp o ne n t s is at aU the intellectual pick of French
times preferable to a hastily youth is fashioned into a politi-
run-up plant making losses with cal and industrial eUte at the
commo dity microchips (such as grtmds ecoles. But not only the

exist in some European states). French form such castes. Other
T^ere is an obvious moral in

fodo^wMch^ev^the^ woriS

tronlc watch, nearly went bank; _ _? o rId “® worW

business.

To take a tiny example: the
electronic wMch produced by W«t Cermenj.ccd.miic roteb-

nutnmaHnn atioari of US tlglBll t in West Berlin has

rupt by not exploiting it, and
then made a comeback with an

Bast.

methods of automation ahead of

the roropetittoo !.«.»> 5?^^ M

part because of this, the city
has undergone an economic re- j
.. vival against all the odds. Many

If application of high tech- new enterprises have sprung up
’ “ along the line where pure re-

National champion

oologies is what matters most;

then it follow® that, apart search and the application of
from security^ of suppl y, t here electronic techniques meet.

* Taken separately, the applica-

tion of each one of those prin- 1

Whitehall’s
dinner service

Signs that Whitehall life is not
all spending cuts -and snatched
sandwiches have come with the
award of substantial, incr eases
—quite' unsolicited by the trade
unions— in allowances for even-
ing dress.

For the occasional function,
a civil servant needing to slip
out to Moss Bros to hire a
dinner jacket will In fufsre be
able in claim baric up to £20
of the cost — a 33 per cent
rise on the previous maximum
allowance.

For the regular diner, out-
right purchase of evening wear
has also been made more
worthwhile: the ceiling for re-
imbursement of expenditure
rises 66 per cent from £45 to
£75.

Certain staff “required to
maintain, an exceptionally high
standard of appearance” will
receive an annual allowance of
up to £315 gross, compared to
the figure fixed in 1980 iff £200
net of tax. This, the Treasury
emphasises, applies only to
hospitality officials of the For-
eign Office, British Council.
Scottish Office (kilts optional,
I presume) and Central Office
of Information.

The chaps in the diplomatic
service, hardly ever out of a
decent cummerbund, have
separate arrangements, it seems.

The big catch to all this is
that most civil servants of prin-
cipal grade and above are in-
eligible for the allowances,
being expected no doubt to have
acquired their own DJ by the
time they arrive at such
exalted levels.

is no convincing argument for

national self-sufficiency. In __

western Europe the security Spies — flexiwitty. evolution,
a ri? ument cai *.. be answered by openness and the reformation of , _ .

doing some things on a Com- intellectual elites — may be Burned OUT
m unity scale or in association of limited some, however
with tiio Efta stetes. But the needed. Taken together they
need for fleabUi^ to teeptag come dose to demanding a
pace with the advances of tech- social revolution.

nology demands great latitude Nobody need be surprised,
to find the right industrial The world has undergone more

partners wherever they can be
found.

than one technological revolu- ,
tion. At the end of the Middle

Flexibility requires scope for Ages the diffusion of printed
a process of decision-making: matter and the adoption of flre-
from the bottom up rather than arms coincided with the end of |
top down as the OECD team feudalism. Three centuries ago
«-aii« it. That implies less steam and steel supported the
political centralism and doubts rise of the bourgeoisie. In each
about the choice, by govern- case those who facilitated rather
ment®. of a concern to be the than hindered change travelled
“national champion.” The farthest.

A Russian contract, a spy
scandal and, more prosaically,
the impact of a wet summer on
garden barbecues, all played
their part in the demise of
Biofuels, a supplier of pressed
wood logs which has gone into
liquidation with debts of more
than £600.000.

Biofuels was launched in
November 1984 by Hill Wool-
gar, an issuing house, (now re-
named Fredericks Place Group)
under the business expansion
scheme. Soon after starting op-
erations it was forced to find

Men and Matters

alternative sources of pressed
logs while & replaced machinery
at its Dumfries factory.

Supplies were contracted
from Ireland and Russia. But
sterling fell against the punt
making Irish imports too expen-
sive. The Russians, meanwhile,
failed to deliver.

Biofuels' directors, who in-
cluded Aobext Robertson, the
former chairman of Robertson’s
Foods, and David Foden, a
former director of the truck
maker, suspected the Russians
were unwilling to supply be-
cause of the British miners’
strike.

Biofuels* problems were not
helped by the disappearance
halfway through talks with the
Soviets of the Russian negoti-
ator. That coincided with the
expulsion from Britain last year
of a number of Soviet officials.

With debts mounting. Bio-
fuels’ directors decided to call
it a day. Stephen Swaden of the
insolvency specialists Leonard
Curtis this week has been ap-
pointed liquidator by the com-
pany’s creditors.

Time to spare

Dr Dieter Kirchner, head of the
West German metal Industry
employers, has an answer to
the problem that is bothering
many people in Britain during
Industry Year — how to make
industry more attractive to
potential recruits.

Increasingly, he reckons,
people want a more liberal
regime governing working time
with, for instance, the chance
to take a day off in the week in
addition to the standard week-
end.

In West Germany, many
engineering companies have met
this demand — and increased
their productivity at the same
time. Employers have responded
to the push by West German
unions for cuts in working time
by reorganising their working
week and improving labour
flexibility.

“Here’s a job— Why not make
selling your career ? — join
the Department of Trade and
Industry”

Kirchner, in London for the
Hiwiniai dinner of the Engineer-
ing Employers* Federation, says
that many West German com-
panies hare, as a result, given
their workers eight extra days
off each year on top of ttie six
weeks' holiday they already
enjoy, and still managed to cut
costs.

In other ways, however, Kirch-
ner fears that West Germany
Is learn ing some bad, old habits
from the British. West German
unions, he says are becoming
more militant and lass repre-
sentative.

Next week, the unions plan
to hold two demonstrations in
working time in protest against
the law going through parlia-
ment which is designed to make
strikes more difficult.

Growing guide

A passion for consumer affairs,
it seems, runs strong in the

Oppenheim family.

Phillip Oppenheim, the youth-
ful MP for Amber Valley in

Derbyshire, and son of former
consumer affairs minister
Stilly Oppenheimer - Barnes,
needs £400,000 for his magazine.
What to Buy for Business.
Designed as a sort of consumers'
guide to business equipment —
his staff try out 100 different
kinds of paper shredders in the
latest 'Issue — the publication
yesterday, announced that it is
raising capital under the Busi-
ness Expansion Scheme.

What to Buy pulled in
£165,000 under the Business
Start-Up Scheme three years
ago, and ha® come back for
more to fund a US edition and
the possible launch of a con-
sumer report for farmers.

Oppenheim spends about half
of his tune with the business,
with day-to-day responsibility
in the hands of managing direc-
tor, John Derrick. The duo met
while studying at Oxford
University, wbere they started
a part-time business, publishing
an Arabic guide book to
London.

Then followed a period while
Derrick worked for merchant
bank Morgan Grenfell, and
Oppenheim took up farming in
Gloucestershire. Re-united two
year® after leaving university
in 1980, the pair managed to
put together £130,000. The
company turned over nearly
£600,000 last year-sand yester-
day's share offering now values
their holdings at just over
£500,000 each.

Cheque mate

This from a letter written by
the Royal Bank of Scotland to
a shop which submitted a
cheque cashed with a cheque
card:

“Having examined the photo-
copy cheque, it is apparent that
the signature Is totally dissimi-
lar to our customer’s genuine
signature as shown on the
cheque card you were offered.

“You explained tiiat the signa-
ture was poor because the man
bad just been Involved in it
motor accident and was, there-
fore, a tittle shaky. I cannot
understand how you accepted
the Item at all, as the Cheque
card and cheque clearly belong

to a lady I”

Observer

Forward

March!

145, City Road, London EC1V IIP. s 01-251 9090.

Forward Trust Group

i .

1 v*’-

I 1

i .■

* 1 *

i

i'{$

*

Vi .
. • \

*- c ‘ < *fcw ■
‘V * v

' !• -,fV.
’W.'o^

:'i£

'- 1 Sfr

- ■;*«*; x

•v. <:

ri ■ • i

. - 'S^

■*> I'i:. 1
v

•■ ■■h-3 ■ •

■■BXi

••^. Of

■ .:

: - ," : £\

.-y*S
- :.

,;* ;

,. fe»

.:.

* JL*

,

• —

.. ■-=.£
frv.

a-;

• -: -f -.

'•■*' >=.
*'

- »■ V,

v ■ ■ r

Financial Times Thursday February 20 1986

ECONOMIC VIEWPOINT

FOR YEARS the Ger man Gov-
ernment has been castigated by
many experts, 1 . to eluding
Germans, for the stringency of
Us fiscal policies. -

In the years 1982 to 1985 in-
clusive, the German structural
budget deficit, as measured by
the OECD, shrank by 3 to 5* per
rentage paints of GNP. Even the
unadjusted deficit has fallen by
nearly 2£ percentage points and
will be running to 1986 at less
than 1 per cent of GNP.

Not did the behaviour of infla-
tion suggest that stringency was
required. German inflation was
already down to 8.3 per cent to
1983. In the latest 12 month
period it has been down to 1.8
per cent; and in the last six
months it has been between 0
and } per cent axunudlsed.

No wonder then that many
people who were far from being
rabid demand

believed that flTMmrtai string-
ency had been overdone with
harmful effects for both Ger-
many end the rest of the world.

Yet Dr Gerhard StoJtenberg,
the German Finance Minister,
ignored the advice so liberally
showered upon him. He even
refused to bring forward the
tax cuts planned far 1986 and
for 1988,- on the basis of hnitting
down public expenditure.

Yet somehow toe German
economy has come through.
Despite the u perversity ” of
.fiscal policy, German output
was gathering ‘momentum
throughout 1985. Most end-year
forecasts showed real growth
for 1986 at 8 pet cent to 3i
per cent. Now has come the
oil price plunge from which
Germany, along with Japan, will
be a major beneficiary. As a
result even the cautious Bun-
desbank is now contemplating

a 4 per cent growth rate. Thin ,
together with nearaero infla-
tion, is not a bad prospect.

None of this means that Ger-
many • has finally -overcome
Earosderosis. .An., unemploy-
ment rate of 0 per cent— even
if slightly Tallin g~is far too
high for a country which until
-a few years ago bad such severe
labour shortages that It.was im-
porting guest workers - from
southern and *. southeastern
Europe. . • -T

• Although German wage settle-
ment* have been low overall,
the labour market has its share
of “ rigidities.” Collective bar-
gaining agreements are general-

By Samuel Brittan

ised across whole industries,
even to. piu»n and non-partid-
pattng firms. German Industri-
alists complain of the high costs
of redundancy compensation,
which they try to avoid by
labouMavtog policies.

Yet when all Is said and done,
the German economy still stands
high to any European league:
so much so that some observers
apeak of a ■ third German
economic miracle.” (The first
was after World War Two; the
second after the 1973 oil price
shock)

Reflecti on on experience
has token me bark to some re-
marks made by that very iude-
pendent-mtoded German finan-
cial •commentator Dr K.
Richenbacher. at a Laurie,
Milbank seminar in London on
November 28.

German Ministers, Richen-
bacher remarks, “ Instead of
embarking on spectacular tax
cuts, chipped away to un-
spectacular fashion at public
spending. - Few people,
especially economists, saw
merit to this approach, par-
ticularly against the background
of weak overall demand and
growth. As for other OECD
governments, they were out-
raged at Germany's stubborn
refusal to play the role of
locomotive tor Europe and the
rest of the world.”

The German economic
recovery was triggered by
export growth, helped by the
high dollar and weak D-mark.
But the low rate of increase of
German unit costs— due more
to wage moderation than high
productivity — enabled German
business to take advantage of
international opportunities. As
a result of soaring business
profits, domestic investment has
now taken over as a locomotive
— not consum ption as to tile US
and UK.

Germany has achieved low
real interest rates through tight
budgeting and a large current
payments surplus, which means
that the Bundesbank more often
needs to discourage than to
encourage ftiwngfai flows into
toe country. -

The German payments sur-
plus has often been criticised
internationally; but like its even
larger Japanese counterpart, it
represents a source of invest-
ment capital available for
developing countries if only
there were enough creditworthy
borrowers.

Dr Richenbacher blames
doable digit nominal interest

! Short- terra

| Long-term

Long-term
.(AMD Bondi)

United I West
Kingdom | G e rm a ny

*Boaod on 12-monrii GDP deflator

rates to the UK not so much on
money supply growth in the
narrow sense as cm “credit
Inflation” running well ahead
of available savings.

“ By far the greate s t part of
the credit flows,” he remarks,
"serves to finance other pur-
poses: the budget deficit; a
consumer boom, which sacks to
imports, and enanrial trans-
actions of many different kinds.
The common denominator of
most of these credits lg that
they do tittle or nothing for
GNP growth. There is toe same
phenomenon in the US. Debt
creation outpaces GNP growth

1985 *86

as never before.”

Dr Richenbacher, not quite
fairly, accuses “Anglo Saxon”

economists of under-playing the
role of high interest rates in
depressing Investment They
are not merely a cost which
rises with toe length of life
of an investment thereby put-
ting a premium on a quick
return.

High interest rates also
depress the market value placed
by tiie stock market on
assets, relative to replacement
value, and thus depress invest-
ment and encourage firms to
put spare financial resources

Taking tips from Germany

into takeovers Instead.

The general issue is not cut
and dried either. New invest-
ment helps Jobs only if it
extends productive capacity and
not if it simply substitutes capi-
tal for labour. It is for such
reasons that Professor Herbert
Giersch of Kid has played down
low Interest rates to favour of
tax cuts.

There is nevertheless a good
deal of evidence that European
output Is much nearer the limits
of effective capacity than the
unemployment figures would
suggest. A widening of the
capital base is thus one pres
condition for an employment
recovery, even if low labour
costs are more important still
— as Giersch. Richenbacher and
everyone else, except unions
and employers, would agree.

Dr Rk&enbacher’s main
recipe tor reducing UK interest
rates is the stimulation of sav-
ings end tight government
budgets.

The obvious difficulty in
applying his prescription is the
precipitate decline in oil prices
and revenues. He himself recog-
nises some need for an interest
rate premium to favour of Lon-
don to protect sterling from the
oil factor.

This very fact makes it tempt-
ing tor the Chancellor to relax
fiscal policy to offset high in-
terest rates. Moreover, even
within a strict fiscal philosophy,
there would be a case tor ad-
justing gradually to a onoe-f or-
al! in oil revenues.

The snag is that toe CT£ bn
PSBR for 198687 originally
laid down a year ago already
provides tor as much relaxation
or smoothing as can be risked.
Asset Bales in 198687 are ex-
pected to yield £ 2 . 1 bn more than
in the current year and £2.7bn
more than in 1984-1985, thus
m ak ing the PSBR look tighter
than it is.

A possible moral of the Ger-
man story is that British policy
should concentrate on getting
real interest rates down as far
and as fast as can be done
without triggering an inflation-
inducing toll to sterling; and
that this should have priority
over tax cuts, even in the longer
run. Lower British interest
rates will be easier to achieve
once the oil price has fallen as
far as It looks likely to do.

There are two other precon-
ditions tor lower British In-
terest rates. The first is to

Lombard

make it dear that whatever
short-term adjustments are

needed in the British policy
mix, there will be no long-term

indulgence in Reagan-type

budget deficits.

In retrospect the Chancellor
was right not to publish the
autumn “ fiscal adjustment "
which has triggered so much
tax cut speculation in the past.
But this good was undone by
incautious Ministerial speeches
and lobby briefings. Even if
toe Chancellor cannot silence
Mr Bernard Ingham, he could
at least ensure that his own
post-Budget briefings are on
the record.

A second precondition for
low interest rates is some assur-
ance of greater stability of ster-
ling against EEC currencies
after the present oil shock. It
is extremely difficult to believe
that British short-term nominal
interest rates could remain tor
long periods 8 per cent above
German ones if sterling were
linked to the Deutsche Mark via
the EMS.

This is too important a matter
to be settled by off-toe-cuff
reactions by Mrs Thatcher,
and it is time for collective
Cabinet responsibility to be
exercised in a good cause,
rather than to a bad one.

Action is, however, required
not merely in London but in
Frankfurt too.

There is now sufficient slack
to the German economy for it to
afford a temporary period of
well above 4 per cent growth, as
tire US experienced in 1883-84,
to the general benefit.

While the dollar was riding
high, one could not responsibly
press the Bundesbank to cut
interest rates further, as it
would worsen the international
balance.

Now that— despite the words
of Mr James Baker, toe US
Treasury Secretary— the dollar
has fallen spectacularly and
quite enough for the US good,
the ease for still lower German
nominal interest rates is over-
whelming.

In contrast to the scorned
budgetary stimulus; a stimulus
via lower Interest rates is fully
in keeping with German tradi-
tions, thinking and — dare Z
say — prejudices. By aU
means. Governor PoehL lecture
us overspending, credit-happy
Americans and Brits on fiscal
rectitude. But give a hand with
a discount rate cut yourself.

Who put the
crisis in debt?

By Anatole Kaletsky

AS MEXICO has moved almost
daily towards toe brink of
default I have disappointed
many of my fellow Jeremiahs
by refusing to predict an
impending economic disaster.
In fact; far from foreseeing an
immediate financial cataclysm,
I have suggested, to the
chagrin of some of my JouroaX-
istle colleagues, that a default
by Mexico, Brazil or other
major debtor, would leave toe
world banking system broadly
intact

In terms of journalistic sex
appeal, this is obviously an un-
satisfactory attitude. Everyone
knows by now that the major
Western banks have lent devel-
oping countries sums equivalent
to almost double their share-
holders* capital It is easy —
and exciting — to persuade the
public that a default by Mexico
or Brazil which could well be
followed by Argentina, Nigeria
and other Third World coun-
tries, would break every one of
these institutions.

Still, it seems a bit surprising,
even accepting the journalist's
natural preference for sensa-
tion over calm reflection, that
so very little has been heard
about the other side's point of
view. Why have toe bulks not
spoken up for themselves, ex-
plaining that their capital struc-
tures are really much more
robust than is commonly sug-
gested?

Firstly, a default is most un-
likely to take the form of a
total repudiation of all debts.
The defaulting country would
unilaterally scale down its cur-
rent interest payments; but it
would probably promise that
larger payments would be res-
tored in the future, as its
economic fortunes improved.

Secondly, toe- banks would
certainly not write off the whole
of their exposures to the de-
faulting country In question. De-
pending on the circumstances,
they might not need to write
off any of toe debt at all. The
immediate impact of a- partial
or conciliatory default would be
felt on toe banks' earnings, not
their capital. And the revenues
from Third World loans loom
far less large in relation to the
banks’ total revenues from all
their assets t ha n toe horrendous
debt to capital ratios suggest.

To take a concrete example.

suppose that Mexico were to re-
duce Its interest payments by
about one-total to 6 per cent of
debt outstanding, as some min-
isters there have recently sug-
gested. What would this mean
to a bank like Lloyds, which is
among toe Institutions most
heavily exposed in relation to
its size? Lloyds’ loans to
Mexico are worth about £lbn
at current exchange rates. Thus
Lloyds’ immediate reduction in
earnings would be around £30m
a year-just 5 per cent of
Lloyda’ 1985 profits, forecast by
de Zoete A Sevan, the stock-
brokers, at £57Dm.

Obviously a more precise cal-
culation would need to provide
for further costs to strengthen
capital ratios and to allow for
Gome gradual debt write-offs. On
the other hand, the situation
might turn out better if Mexico
rolled forward some of its
interest payments, through capi-
talisation, Instead of simply re-
fusing to make them.

Either way, the central con-
clusion remains valid: most if
not all, of the international
banks are now strong enough
to withstand substantial losses
on their Third World lending.

Why then, are bankers not
shouting this from the rooftops?
Perhaps their publicity
machines are too ineffectual to
overcome sensational jour-
nalism, But there may be a
more Machiavellian argument
Imagine you are the chair -
man of US Megabancshares.
You have gone to the White
House to persuade the Presi-
dent to bail out Mexico— and
to threaten the Mexicans with
diplomatic retaliation if they
default You tell the President
that a Mexican default will lead
to the collapse of numerous US
banks, a new depression and the
destruction of the international
financial system. He is im-
pressed and acts accordingly.
Alternatively, you tell the
President that a default by
Mexico will reduce your re-
ported earnings by 20 per cent
for the next 10 years, could
force you to cut your dividend
and might even lose you your
job at Megabanc ....

Maybe it was not; after all.
the journalists who put the
“ crisis ” into Third World
debt

fd

Public sector
architects - I

From the president, *** : •'.

Royal Institute of British
Architects ' ;

• Sir, — In his article (February
10) entitled ” Private practices
are pointing the way,” Colin
Amery, in praistog the work of
smaller private offices, gives a
misleading picture of the role
. of architects far public authori-
ties. . •

“ms suggestion that the local
authority architect has become
a "rare species” is not borne
out by the Riba survey on the
composition of the profession
which shows tost 23 per cent of
fulbUttw-ari^tects: are em-
ployed by local authorities and
-35J3-, per cent', by r tbe public
sector as a whole. Theysttil
have a very Important job to
do and the R£hm/DoE/NHBC
Housing Design Awards won in
1985 by local ’ authority archi-
tects showed that ^excellence Is
not confined to private consul-
tants. - .

The Periston announced three
-weeks ago -by -Sir Keith Joseph

to upgrade .the . post of Chief
Architect at the Department of
Education and S dencft follow-
ing an efficiency scrutiny of Ms
architects and bonding group is
a further. Indication- that, the
rote of architects; -not only in
the design of new buildings, hut
also in making the estate of
publidy owned land and build-
ings work mare" economically
am! efficiently, is now better

understood by government.

L. A. L. Holland.

66 , Portland Place, WL

Voluntary export
restraints

From the Secretary, British
„ Footwear Man u fact ure r * ’ -
Federation ■ . - „ ^

Sir,— Mr Greenaway’S letter

Letters to the Editor

(February 12) on the effects of
voluntary export restraint
agreements on Korean footwear
import prices seriously mis-
represents our position. There
is no sound evidence that these
agreements have affected price
levels. But that does not mean
that the.VEBa are not restric-
tive. ffis theory postulates Gat
restraints will lead to an in-
crease In export prices. But
theories are not always borne
out bv

Hr Wolf (February 13) cites 1
a number of countries whose
economies are both protected
and weak. Bat the protection ,
Is a. symptom, not a cause: I
surely not even he is arguing |
that these countries wQl find ,
salvation by opening their
markets to all comers.

. There Is no denying the
potency of theoretical argu-
ments in favour of free trade
in a world of perfectly operat-
ing markets. The difficulty is
that tu practice we are nowhere ;
near this state of affairs. In the
UK 3.8m unemployed are an
acute reminder of the rigidities
of the labour market even after
seven years of the most market-
minded government in recent
history. Sadly, the evidence is
that sacrificing Jobs by uni-
laterally dismantling trade
restraints which protect labour
intensive industries will in prac-
tice simply add to the total of
unemployed. This is especially
so when barriers erected by
other countries against our awn

exports are bo widespread. That
is toe reality that those working
In such industries — as well as
policy makers— have to face up
to and which Mr Wolf and other
free trade theoreticians do not
W. N. S. Calvert
72, Dean St, WL

Better Ford
than Honda

From Mr P. Oden

Sir. — Sensitivity to an Ameri-
can foB-frontal takeover of
Austin Rover ignores its
absorption-by-etealth presently
under way by the Japanese.

It is quite likely that there
will never be another all-British
family car from Austin Rover,
Instead just Honda’s albeit
excellent derivatives tarted-up
for home-market tastes.

At the present rate of absorp-
tion it will not be possible tor
Austin Rover to survive after
about five years without the
high technology of Honda, and
at that point the fears of our
European partners will have
come to pass in the shape of
a Japanese company disguised
as a European manufacturer.

Whether this will be good
or bad tor jobs in toe Midlands
we will have to wait and see,
but it is certainly bad tor toe
industrial infrastructure of the
British engineering industry as
a whole, to say nothing of its
morale.

A takeover of Austin Rover
by Ford which has a distin-

guished record of placing its
design and engineering require-
ments and expertise ja Britain
and Europe might then, with
hi n dsight, have seemed more
! appropriate to our basic
industrial needs.

Patrick Udm.

S, Kendal Steps, W2.

Oil price effect
on tiie OECD

From Professor G. W. Maynard
Sir. — It seems extraordinary
that Lord Kaldor (February 13)
icontinues to that

lOECD countries apart from the
rUK did not suffer bom econo-
mic recession following the oil
price rise in 1979-80. He Is able
ito do so by focusing attention
ion toe period second quarter
0979 to second quarter 1981.
(thereby obscuring the fact that
most other countries followed :
the UK into recession with vary-
ing time lags. |

By the end of 1982 OECD
industrial production was about
6 per cent below its level in
mid-1979, all major countries
apart from Japan contributing
to the decline.

Geoffrey Maynard ,

Chose Manhattan Bank,

3. Shortlands, W6.

Mini-name cards

From Mr M. A. SmnUnum
Sir, — It is well-known that
the Japanese are masters of
miniaturisation but even they
would have problems reading
a name card which was 9 mm
by 5.5 nun. (A UK bridge with
Japan, FT Management page. '
February 17).

I do not have a copy of the
Japanese Standard tor name
cards but all cards I have
received measure 91 mm by
55 m m.

M. A. Sma li man.

Kobe Steel Europe,

73 High Hotbom, WC1. \

UK firms that cry out for foreign ownership

From Frof A Kehtteway
Sir.— Who ULthc best buyer

The question should be
answered , in terms' of best for
whom? The only acceptable
answer must M “ best for the
future of toe firm” rather than
to raise the maximum sum for
the State; In recent takeover
battles, whether tor Westland
or for other private firms, far
too tittle baa been, said about
the business advantages - and
disadvantages of every prac-
tical option and therefore we
cannot properly have a con-
sidered opinion- on the right
course. The business logic is
missing- from -the debate.

One thing, however, must be
dear, that ownership- by a
“ British f\ governing group of
shareholders , is NOT the pare
■pywint . ; consideration- Such
“jingoistic" emotion is best
served fay - ensuring , the health
of tbe flnn. its ability to develop
. in Tiome and oversea* markets.
It may be necessary tor some
firms to have an injection of
new top management fat order

to achieve this state. The per-
formance of BL may wen have
decided the Government that
such is the case with them.
Much was done in recent years.
.A co ur ageous decision was
taken In the deal with Honda,
fay Which the BL management
accepted that it had not had
enough good investment in
market appreciation and pro-
duct design which it now
imported from Japan.

New ownership must bring
worthwhile attributes to the ■
company acquired. These attri-
butes may tie in many direc-
tions: more imaginative leader-
ship, better market apprecia-
tion, better design and research
and development, better manu-
facturing systems and finally
perhaps an acceptance of
longer pay-back periods for :
investment British firms are
constrained by. high rates of
interest and an unreasonable
and. : greedy . demand from the
City and its analysts tor short-
term profits. Were some of
ailing and key companies to
become foreign owned then

they might be able to make toe
right Investments In skilled and
educated work force, become
“ engineer-rich." invest In new

products and processes and
satisfy toe far snore modest
financial, requirements, say of
Japanese investors and banks.

There is considerable evi-
dence to show that British
workmen, engineers and
managers respond extremely
well to enlightened and com-
petent top management of

whatever nationality. They
should be given the chance to
respond and to learn how to
manage a company themselves.

Realism should induce
humility; there are cases which
cry out for foreign ownership,
We should not object to becom-
ing “colonised” by superior
direction. There is no reason
tor that situation to become
permanent One could envisage
several scenarios whereby
natives could in due time take
back the top direction and
ownership. One could be tor an

agreement tor a management
buy-out when it was achieving
acceptable performance.

Another could be by political
force majeure. This Conser-
vative administration should
encourage such purchases by
competent foreign organis-
ations; we are educating
enough bright engineers to
become skilled enough to take
over the direction of our manu-
facturing industries in the next
10 to 15 years. Even if there
were to be an Interregnum of
a jingoistic nationalising
government for say five years
with our people in charge, the
next Conservative Government
could restore the firms to pri-
vate ownership. By then our
people would have become fully !
competent and we would have,

! yet again, a genuine native
industry capable of competing
I successfully in world markets.

! All provided, of course that the
City has learned its lessons too!
A Kennaway.

12 Fairhobne Crescent,

Ashtend. t ‘irrey.

This BOtti could diange your life!

York is actively seeking to encourage industrial and
commercial businesses to establish themselves in some of the
most beautiful surroundings in the country.

Low overheads, highly motivated workforce and an
environment second to none.

To see just how good a move to York could be, clip the coupon below for
your copy of the York Fact File - which will tell you all the sound reasons
Why you should consider York. It 11 zaake you t h i nk .

York Area Economic Development Unit
York Enterprise Centre, 1 Davygate, York YOl 2QE. York (0904) 53655.

Tb P/ease rush me a copy of the York Fact File

Tony Bennett

York Area Economic name —

Development Unit

York Enterprise Centre pn^mnu

1 Davygate

York YOl 2QE COMPANY -

ADDRESS

YORK

ymeHSfirrea mnaasnerr

FT/20F

Till DRIVING l : OR( l IS
ILITT MAS' AO [.Ml \ /

•TEL: 061 - 236 9832 -

0

FINANCIAL TIMES

Thursday February 20 1986

Carla Rapoport in Tokyo finds exporters, willing to trim profits rather than lose sales

Facing the challenge of a strong yen

JAPAN’S top 20 exporters do not
envisage a marked increase in the
price of their goods in overseas
markets to offset the yen's recent
appreciation against the dollar and
sterling. They intend, instead, to
suffer slimmer profit margins rath-
er than risk lower sales.

In a Financial Times survey of
the exporters, most companies said
that the most recent bout of yen ap-
preciation is expected to cause
heavy foreign exchange losses and,
for most, a marked decline in earn-
ings. While the yen has appreciated
by about 25 per cent a gains t the dol-
lar and sterling since September,
price rises will not be of the same
order.

instead, companies are working
on a variety of longer-term strate-
gies. These include expanding their
presence in less-developed export
markets such as China and the So-
viet Union, boosting sales at home
through product innovation and in-
creased marketing efforts and cut-
ting production cuts by a series of
measures ranging from forcing sub-
contractors to accept lower prices to
increasing the use of factory auto-
mation techniques.

An official at Mazda said: “We are
thinking of a variety of actions to
manage this tough situation, includ-
ing tiie difficult prospect of a reduc-
tion of our margins.*

A number of companies, includ-
ing Fujitsu, Ricoh, Nippon Steel
and Hitachi, have already
announced revisions in their profit
estimates for the current year. Hi-
tachi said yesterday that its pre-tax
profits will drop by 34 per cent in
the year ended this March, on sales
down just 3 per cent. Nippon Steel
expects its operating profits in the
six months ending this March trill
drop close to zero as a result of
stagnant domestic demand and the
stronger yen.

Many of the companies surveyed
are putting up export prices, but
gradually and usually with an eye
on their competitors. In January,
for example, Matsushita Electric,
Japan's largest consumer electron-
ics company, raised prices of its ex-
ports by 3 to 10 per cent At the end
of this month, another price rise of
around 5 per cent is planned, but
Matsushita has not specified which
products will be affected.

Japanese video tape recorders
(VTR) - one of Matsushita's largest
exports - are faring a slow-down in
demand. Last year, prices of VTRs
in the US slid by 25 per cent This
year, prices are expected to hold
firm because of the yen's strength,
but not go up because of intense
competition in the market

“On the whole, large exporters
are going to see a slash in their

YEN

overall export profit margins,*' says
Mr Charles Elliot, director of re-
search in Tokyo for Goldman Sachs
of the US. “Ihey will take a large
part of the yen's appreciation on the
nose," he said.

Despite the squeeze on profits,
however, not a single respondent
said that spending on research and
development would be cut R&D
spending, in fact has become more

important to Japan’s largest
exporters.

“In the medium to long run. Ko-
matsu needs to develop products on
which it can raise prices," said Mr
Noki Nakajima, an executive at Ko-
matsu, Japan's teaHing construction
machinery maker. As a result Ko-
matsu is diversifying into sophisti-
cated factory automation equip-
ment and robotics. The major steel
companies are also hard at work on
diversifying their product mix. "The
steel industry wants to raise prices,
but the market won't allow it" said
Mr Shogo Saeki of Kobe SteeL

For the electronic companies,
price increases will be attempted on
new. innovative products. But these
products will also be aimed at get-
ting more mileage out of the domes-
tic market Sharp, for example, has
hopes for its sophisticated home ap-
pliances, such as a microwave oven
which can store recipes in its mem-
ory or a VTR which can be pro-
grammed to record with preset
cards rather than by hand. Sharp
and others are also aiming to step
up marketing efforts in less-
developed markets, such as China,
the Soviet Union and others.

Nissan intends to expand its busi-
ness in such diverse areas as aero-
space and textile machinery. As
Nissan has already raised export
prices of its cars by 4 per cent, it is

reluctant to increase them further
before its competitors make a simi-
lar move. In the meantime, Nissan
sal's it cannot accept a reduction in
margins so it is asking the ‘co-
operation of related companies."

This means that the scores of Nis-
san subcontractors will be under
heavy pressure to cat their prices.
This kind of request is being dupli-
cated across Japan by so many
large companies that senior politi-
cians and bureaucrats have been
calling lor the establishment of new
aid programmes for Japan's sm all
and medium-sized enterprises.

A further strategy being ex-
amined by Japan's major exporters
is increasing production overseas.
The major motor manufacturers
are all embarked on overseas pro-
duction plants, as are many of the
large electronics companies. Sumi-
tomo Rubber, which acquired Dun-
lop's European plants a few years
ago, is planning nearly to double its
exports of tyres from Europe to the
US this year to minimise the effects
of the stronger yen.

As for the ameliorating effects of
cheaper imports, few companies
were willing to admit to any bene-
fits. Steel companies, for example,
said that the benefits of cheaper en-
ergy would have to be passed on to
customers.

US takes
tougher
line on
EEC steel

By Christian Tyler, Trade Editor,
In London

THE STEEL trade dispute between
Europe and the US intensified yes-
terday when Washington an-
nounced a tightening of curbs on
EEC exports.

The action was taken in reply to
“unjustified, unnecessary and on-
friendly retaliation” by Europe
against earlier US restrictions, Mr
Alan Woods, the Deputy US Trade
Representative, said.

“We are particularly distressed
that the EEC took this dispute be-
yond steel into other industry
sectors," he said.

US controls over imparts of semi-
finished steel imports were im-
posed at toe beginning of the year.
A month ago the EEC announced
retaliatory quotas on US exports of
fertilisers, tallow and coated paper.

The US said yesterday that it was
only protecting itself - as allowed
by the original export-restraint
agreement of 1982- against a diver-
sion of imports from bulk steel into
semi-finished products. EEC ex-
ports to the US of .semi-finished
steel had risen from 3.8 per cent of
"apparent" US consumption in 1982
to nearly 30 per cent two years
later.

The measures announced yester-
day mean that the EEC will be lim-
ited to a quota of 150,000 tons of se-
mi-finished steel in each quarter,
with no provision for carrying over
unused allocations.

The US also said it would
“strictly enforce" the terms of the
original steel agreement, denying
any EEC requests for flexibility.

Of toe total annual quota of
600,000 tons, a third will continue to
be allotted by the US Trade Repre-
sentative's office to fulfill a contract
between British Steel Corporation
and Tuscaloosa Steel of Alabama.
The remainder would be available
to toe nine EEC nations that were
then party to the agreement, but
not to the UK.

Within toe overall quota, the ton-
nages will be changed to allow a
greater proportion of imports of
steel billets and blooms and a lesser
amount of steel slab.

Mr Woods said the US had tried
to explain the importance of pre-
venting a diversion of imports into
semi-finished steeL

He said the European Commis-
sion seemed not to understand and
said yesterday's measures had been
invoked "as a last resort, well after
consultations were concluded."

Reagan seeks to ease anti-trust laws

BY NANCY DUNNE IN WASHINGTON

THE REAGAN Administration yes-
terday sent Congress five sweeping
legislative proposals “modernising"
US anti-trust laws to help American
companies compete in global mar-
kets.

The proposals recommend the
biggest change in US anti-trust law
in 70 years. One bill, the Foreign
Trade Anti-Trust Improvement Act
of 1986, applies to foreign anti-trust
cases and calls for the dismissal of
suits exercising an “unreasonable”
reach by American courts into for-
eign markets.

“American companies face a level
of competition vastly different from
when our anti-trust laws were
passed,” said Mr Malcolm Baidrige,
Commerce Secretory. It was time,
he said, to recognise that “competi-

tion today is across oceans, not just
across state borders.”

The proposed modifications of
current law would codify the Ad-
ministration's long-held belief that
big is no longer bad - for industries
or consumers - and it would force
toe courts to comply. Mr Edwin
Meese, Attorney-General, said the
proposals would be less protection-
ist than tariffs and quotas in com-
bating the US trade deficit.

The five proposals, to be intro-
duced in Congress by Senator
Strom Thurmond, and Congress-
man Hamilton Fish Jr, both Repub-
licans, deal with mergers, treble
damages, interlocking directorates,
extra-territoriality, and industries
hard hit by import competition.

According to Mr Meese the For-

eign Trade Bill would give the
courts toe guidance they need to de-
termine whether toe exercise of US
anti-trust jurisdiction would be un-
reasonable.

"The Act also clarifies that courts
are not to make the foreign policy
determinations that are properly
within toe sphere of toe executive
branch, and directs them to make
early rulings on jurisdictional mo-
tions in international commerce
cases to avoid unnecessary expen-
ditures of public and private re-
sources.” he said.

The other proposals include:

• The Merger Modernisation Act
of 1986, which requires a distinction
between pro-competitive mergers
and mergers that create a signifi-
cant probability of increasing prices

to consumers. It defines the barm
with which anti-trust mergers
should be concerned;

• The Promoting Competition in
Distressed Industries Act provides
limited anti-trust relief for mergers
and acquisitions in industries in-
jured by imports. Mr Meese said
the relief would be limited to a five-
year exemption and that mergers
which had a “substantial probabili-
ty" of creating a monopoly would
still be prohibited;

• The Anti-trust Remedies Im-
provement Act of 1986 which per-
mits the recovery' of treble damages
in anti-competitive cases;

• The Interlocking Directorate Act
of 1986 will remove “unwarranted
and cumbersome restrictions” on
permissible corporate director-
ships.

Land Rover buy-out planned

Continued from Page 1

panics - including Lonrho, toe in-
ternational trading group, and Avd-
ing Barford, the privatetyowned
construction equipment producer.

The Andrews consortium has yet
to raise finance. It needed permis-
sion from toe BL board before tak-
ing any steps in tins direction and
this has only just been given.

The consortium would want to
acquire Land Rover, the Freight
Rover operations which make toe
Sherpa vans, and certain related
businesses, possibly including the
40 per cent shareholding in Land
Rover Santana of Spain.

Mr Andrews, 51, is one of the lon-
gest-serving BL executives and
joined what was then British Ley-
land in 1969 as financial controller
from Ford of Europe.

For some time he was Sir Mi-
chael Edwardes's vice-chairman
and when BL split its operations iD-
to two divisions - cars and commer-
cial vehicles - he took charge of toe
latter.

He is one of only two executive

directors on the BL hoard but will
take a leave of absence and have no
access to information about other
possible offers.

Mr Ray Horrocks, the BL execu-
tive director with responsibility for
the cars division, will in the mean-
time also supervise the commercial
vehicle operations. ■

Peter Ridden, Political Editor,
writes: The deadline of March 4 set
by BL for companies interested in
buying its commercial vehicle anH
Land Rover subsidiaries was dis-
closed yesterday by Paul Channon.
Trade and Industry Secretary, in
his seventh comment about BL in
the House of Commons in slightly
more a fortnight.

He was again forced on the de-
fensive by strong criticism from
both Opposition leaders and a vocal
minority of Tory MPs including Mr
Michael Heseltine, the fanner de-
fence secretary.

The need for prepared Commons
statements has arisen in part be-
cause of clumsy handling of the af-

fair by ministers. There have been
widespread doubts about the sale of
British manufacturing interests to
the US after the Westland affair.
The result has been to damage Mr
Channon in his first weeks in office.

Mr Channon again gave the im-
pression he believes toe approach
from GM of tiie US to take over
Leyland Vehicles and Land Rover
is in toe best commercial interests
of the companies.

He said he had permission from
GKN, a major motor components
supplier, to quote its view that "sub-
ject to satisfactory assurances, the
Bedford/Leyiand merger and the
General Motors interest in Land
Rover would be desirable from a
UK point of view."

Mr mndp it dear that

other serious offers would be con-
sidered though he stressed the need
to come to a conclusion in the rea-
sonably near future. After toe
March 4 deadline he said appraisals
would continue during March

$ fallen enough
Volcker says

Continued from Page 1

The Federal Reserve itself is pro-
jecting a rise of 3% per cent in US
real gross national product in 1988,
up from about 2 per cent last year
and lower than the 4 per cent fore-
cast by the White House.

The Fed expects inflation to be
lower than the Administration’s
forecast of 3.8 per cent But Mr
Volcker said that some members of
the Fed’s policy-making Open Mar-
ket Committee see growth rising as
high as 45 per cent

WorftJ Weafher?'

SL

c

C

*6

12

16

*F

54

61

jg-

a

Sa

•c

12

2

“F

54

38

So

-2

28

F

15

59

mm

F

17

63

Hatton

C

II

52

Bfam

C

18

64

fanttit

c

-4

25

tasMt

s

35

95

Mg

c

17

B3

F

13

55

Cm

Sn

1

34

Mm

F

19

B6

GM m

f

18

61

u»

F

4

33

C

3

37

Ugn*

C

7

45

5

-12

10

Beta

Sa

-8

ia

HcImU

F

-4

25

BaniB

C

a

48

tLtag

C

IS

59

Boater

-

—

—

IwdiiKt

c

-1

30

Bantu

C

a

32

tama

F

3

37

taak

c

-2

28

C

28

89

Bate)

fa

2

36

Uauhrf

c

18

61

B.M

s

31

aa

tJgotfi

c

31

as

Cm

s

□

73

Jnsf

Sa

1

34

bp bn

s

2B

79

*1*1

S

23

73

Cna

c

28

84

iiaa

S

27

.81

Pi 1 ilt n

-

—

—

fatal

a

12

64

Qa^p

B

5

41

fafaa

F

1

34

Cafan

C

-4

26

laJIfaa

S

21

70

1

s

-5

23

liiiatlMj

s

-5

23

R

IB

59

MM

F

a

46

Ufa

F

12

54

tore*

S

14

57

Ufa

c

4

39

Ufa*

F

11

«

r*':

I

"C

*F

"C

IB

91

Ml

f

17

83

3

37

C

33

91

32

98

EMi

C

14

57

21

70

Ml

c

-1

30

23

73

3ta foams C

30

68

24

75

Sate

F

3

37

1

34

MtaPaa

a

32

90

-2

28

Stefafa

F

-a

IE

-14

7

Suteq

S

-3

27

-a

27

Uw

s

27

81

29

04

Mffi

c

17

81

15

59

Tnpn

-

—

—

35

77

Trifoi,

s

71

70

26

77

Tnalfc

c

IS

80

3

37

Iteya

c

6

41

7

45

Tim

8

1

31

19

88

Tati

F

17

S3

13

65

Uaaa

S

15

»

-a

27

tea

c

5

41

-1

30

tea

D

1

34

4

39

Wans

S

-a

IB

-2

28

Ft

3

37

2

38

Zafeh

l

-a

27

teAguraiUnsMbr-'

C-Ooo% D-Orisfc F-frir H-HaiJ Ua R-Rfa
8 -SubS-SW Sb-Smw T-Umnte

Soviets, EEC drawn
into Philippines crisis

Continued from Page 1

tion in toe current crisis, it expects
some embarrassing resignations
from ihp Marcos administration
soon. One official under pressure is
Mr Jose Fernandez, governor of the
central bank, who this week raised
interest rates and devalued toe
peso following a preelection explo-
sion in the money supply.

Bankers and economists con-
firmed yesterday that “reserve
money* a local measure of money
supply, cannot be reduced from the
current F41.5bn level to the IMF
target of P37.4bn by the end of
March. However, delayed talks
with the IMF are expected to re-
sume soon.

Amid these developments toe
mystery deepened yesterday over
the retirement of General Fabian
Ver as head of the armed forces. Mr
Marcos announced On Sunday that
Gen Ver would go, and the US,
which has long sought his removal,
hoped the change would bring be-
lated military reforms.

But Gen Ver, a close Marcos asso-
ciate who was implicated but
cleared of involvement in the 1983
-assassination of Mrs Aquino’s hus-
band, was still working yesterday,
and in the confusion there were
fears about ^midnight “promotions”
to place his associates in key posi-
tions before he went

R e gi na l d Dale, US Editor, writes:

In Washington, the Administration
continued to resist mounting con-
gressional pressure for an early aid
cut-off, which the White House said
would be “premature*

On Capitol Hill, Mr George
Shultz, the Secretary of State,
urged against action before Mr Ha-
bib reports back from his fact-find-
ing mission next week. Mr Caspar
Weinberger, the Defence Secretary,
argued that military aid should con-
tinue. The only real beneficiaries of
reduced military aid would be toe
Communist insurgents, be said.

Both the White House and Mr
Shultz, however, warned that the
US would have difficulty maintain-
ing its two strategic military bases
in the Philippines in the absence of
genuine democracy. “Let's put onr
stake in democracy and freedom
above the bases " Mr Shultz said.

Mr Larry Speakes, the White
House spokesman, said that “with-
out a strong democratic system in
toe Philippines, the bases them-
selves would be In jeopardy.”

• Lloyds Bank International is to
close its offshore banking unit in
Manila at the end of Marrh 'Hie
bank says tiie decision is not in re-
sponse to the present political un-
rest in the region but follows a re-
view a year ago of all its interna-
tional operations.

PLO links
severed
by Hussein

Continued from Page 1

King Hussein said that “during a
gruelling year of intensive effort .. .
we succeeded in achieving what
had been felt to be impossible.” So
much progress had been made, he
said, that there was a real opportu-
nity for peace in the region.

Because they bad been "so dose
to the finishing line” when toe pro-
cess collapsed. King Hussein said
he felt it was imperative "to give a
full public account of the situation
and once again turn the matter over
to toe Palestinians in the occupied
territories and the diaspora as well
as the Arab capitals and
organisations.”

The final hurdle at which the
peace process fell was, according to
King H ussein, earlier thi$ month
when Mr Arafat refused to accept a
US commitment to the "realisation
of the legitimate rights of tiie Pales-
tinian people* and insisted instead
on a US commitment to “Palestini-
an self-determination.”

King Hussein said that if Mr Ara-
fat had accepted the wording “legiti-
mate rights of the Palestinian peo-
ple," what would have followed was
“an immediate opening of an Amer-
ican- Palestinian dialogue on toe ba-
sis of which we would have contin-
ued our efforts towards convening
an international peace conference
to which toe PIA would be invited
to participate as a representative of
the Palestinian people.”

The Jordanian, monarch said the
FLO would have been able "to rep-
resent its people and speak on their
behalf with their adversary under
the eyes of the world, side by side
with tiie other parties concerned
and the five permanent members of
the Security Council"

The King added that the basic
tenets of the February agreement
between Jordan and the Palestinian
people would continue to be the
foundation of their relationship and
gave no encouragement to Israel's
hope that he might now come alone
to toe negotiating table.

King Hussein's speech last night
serves, however, to thrust Mr Are-
fat into increasing isolation. The
Syrians have for the past two years
refused any dealings with him, and
Egypt warned last month of the
consequences for the PLO if it re-
fused to accept Resolution 242.

It appears likely that Mr Arafat
will now turn even more to Iraq for
support, but with Ba ghdad under
heavy pressure from toe latest Ira-
nian offensive in toe Gulf War, it is
not a attractive option.

THE LEX COLUMN

Elders but not
much wiser

The UK Chancellor of the Exche-
quer and toe Governor of the Bank
of England may have the odd
contretemps in private but they at
least present a fairly consistent pol-
icy to toe outside world; not so their
counterparts in Washington. Yester-
day saw Mr Baker talking the dol-
lar down and Mr Volcker talking it
back up again. For once Mr Baker
had the better of the argument

Elders IXL

In making a full-dress presenta-
tion of its interim figures to the City
yesterday. Elders IXL may have
hoped to dear some of the mystery
and confusion surrounding its bid
for ABied-Lyons and the question of
leverage now being studied by the
Monopolies Commission. If that
was the intention, its execution was
a failure.

Elders’ parsimonious disclosure,
notorious in Australia, is positively
self-defeating in London. The refus-
al to give any but a percentage anal-
ysis of divisional profit which
tended anyway to vary in the
course of the day, may be pardon-
able given the difficulty of allocat-
ing joint revenues and expenses (in-
ducting interest charges) between
the divisions. Equally, revealing
sales volumes in toe main produc-
tion operation, brewing, might as-
sist the competition in tiie fierce
battle for market share in Austral-
ian beer. But the upshot is merely
to open toe door for Allied-Lyons
and its friends to question the profi-
tability and capital structure of the
group.

Profit before tax for the six
months to December rose 41 per
cent to A$74m; but trading profits -
inducting toe interest received in
the finance group - were down mar-
ginally on last time; and it is impos-
sible to determine what property
sales, which Elders may class as
current assets, are included in that
figure. What is clear is that the
steep rise in Australian interest
rates is continuing to squeeze prof-
it interest payments of just under
AS80m show interest cover to be not
better than at the time of the Carl-
ton purchase. Even admirers of toe
speed at which Elders has reduced
post-acquisition debt in tiie past
must still wonder how easily it can
offload a further £2bn and more in
borrowing for toe purchase of
Allied.

However, yesterday’s statement
did throw out two intriguing hints.
Elders' acceptance of shares from

Fielder Gillespie for its stake in
Goodman may point to the ultimate
home for Allied's food division in an
enlarged Australian group; while
Adsteam's purchase of 2S per cent
of Elders may mean that somebody
else might be about to do some
equity accounting.

Lonrho

As the proud owner of 47.25m
Lonrho shares, Mr Tiny Rowland
must view the recent activity in the
company’s equity with mixed
feelings.

His paper wealth has increased
by more than £4Qm over toe past,
year and - at 252p - the Lonrho
price is at last keeping company
with a reported net asset value of
24 lp. Yet the re-rating of Lonrho
cannot be explained simply by ref-
erence to the group’s trading perfor-
mance, much improved as tt is. The
volume of trade in Lonrho shares
and options suggests that someone
somewhere has designs on Cheap-
side House.

The report and accounts pub-
lished yesterday showed that Lon-
rho is better equipped to resist a bid
than it has been for years. Net in-
terest cover has jumped smartly
from Z9 to 3.4 times while the divi-
dend is more than twice covered for
the first time since 1979. The quali-
ty of earnings is higher, even if the
interment of a El dm disposal profit
on House of Fraser in toe fin ancial
services division casts some doubt
on Lonrho's conversion to transpar-
ent accounting.

Returns on both equity and capi-
tal employed have risen by about
two points and- most marvellous of
all - net debt now represents less
than two thirds, of shareholders’
funds.

Mr Rowland has hinted that he
plans to use toe present b a l a n ce

sheet as a launching pad fot a sub-
stantial bid, Inchcape being the
market's favourite target. Anything
on the Inchcape scale, however,
would see Lonrho’s gearing shoot
back to 100 per cent or more. And
that might well leave Lonrho mart
vulnerable to a takeover than it is
at present

So long as Lonrho confines itself
to political skirmishes of toe Land
Rover variety, the company’s grow-
ing band of . institutional 'share-
holders may be wilting to accept the
fancy estimates, of true net worth
emanating from Cheapside House
and back the Lonrho board.

UK equity volume

What participants in tiie new
London equity market most be hop-
ing for most keenly, more even
than an indefinitely prolonged bull
run. Is a continuous high volume of
business, turning over all that bro-
king and dealing capital rapidly
enough to generate a healthy re-
turn. Daily business worth more
than Elba - achieved for the first
time when the total reached d.2bn
on Tuesday r is just about what toe
post-nuclear market .would hke to
see on an avenge day.

This week's record figures may,
however, be rather a misteadmg
guide to the fofchv,-lA 1985; not at
all a bad year tot toft market, toe to-
tal value of eqmty business' only
just topped tlOObn; it would be ask-
ing a lot for that figure to be trebled
in 1986, even an the basis that UK
fund-managers are obligingly
changing their habits in favour of
much more frequent portfolio

In any case, the current velocity of
equity turnover is to some degree
the jnodiict of exceptional circum-
stances, with takeover activity di-
rectly reponsfble for a significant
part of toe total Tuesday's dealing
in toe shares of just two takeover
stocks. Imperial and Granada,
would have made quite a decent
day's turnover in tiie market of two
years ago.

That is fine for brokers, particu-
larly those who see the large lines
of stock which are destined for the
tactical armoury of United Biscuits
or Hanson Trust put toe fact that
everyone is cruising the market
looking for the next bid vehicle can
still make life difficult for jobbers;
there has been some noticeably
wide and defensive pricing in the
past few days.

h\ m IS

- \ ' \i ;

* V*. Ci M

. .£ v.'i - .

.. ■■ y

\ , ■}

- '■ '■ \ /,

/ • < •

/V

x.

. -

• •- • ■.•-.rwty

ANZ&GBINDLAYSqRERAXE A NETWORK SBANNING 45 CXXJNTRBgjl

TtwtoMjbWfoirZrfandBMfc to shbs o« M60 Greqfa Mitts* b dnm fe» k* bo

fag Grmp wkh fcj aeqatakioa of to TJC offices fa 45 countries. pettaxtami 6L to ariv Mia

This places to ANZ Group fa to ei to gfabe Md to nStoS
twnjdabfepfReaceoatobiteniBUoaal UolposUonioDtocaixnkmB offtswS*«erfset^«^

togt gime wfaiGBxyaawXsafowx nhh toirpaiilcufar do m estic end faier- ANZ and Grfndkm. Afauespa
USD30bflttM. An asset base that spans atonal finance rtqutanents. Tbs nor nfcgtogoba. v

ASK SEE! [IsMti ^l^GrouATbe new fare mfntEr«atwwall^^ ](^

ued Gdcdlays Bank pic

hfloerva House, Montague Cksso. London ! ~
Tab < 0 - 626 0545 . 11 c 885043/5 GRNDLYG

ANZBuftfag Group Limited
55 Geacechurdi St r eet London EC5VCBN

let 01-280 3100. Tlx: 8812741 ANZ0ANKG

3

-IS

' ''Vi

:

■* i-t.

FinaiM^ TiTnes TCupsday February 20 1986

JOBS

High pay-order perch for number-crunchers

BY MICHAEL DIXON

IPERHAFS became "man bites
dog ” is a -definition of .news,
journalists have taste for
cases of biters getting bitten.
One heads the mmn today.

Actuaries -who .are much
given to serving up vital statis-
tics on other peopfe, have fust
bad toe same, done on them — -
or oh their pay and perta at
least -=- toy tbe Remuneration
Economics consultancy,

: ^Besides having a professional
appeal, the event has a per
spiral' interest * -I once msde a
brie? attempt to bn on actuary.
: .£t happened- just after the
scrapping . of career number
four, which was to be a great
painter. . The .reason for the
change -was lack of talent. Xt
had not been detected by my
school. Which bad rather
steered “me- towar ds an art
college.' But on going there
after National Service. I found
that my efforts earned some-
thing- less -than acclaim. The
more sensitive painting tutors
wandered 'around commenting
on other, students* work Jwt
when they reached mine would'
typically tike die look, leave
the . room, and come back smell-
ing of Scotch.

At the time an actuarial
career seemed a good alterna-
tive, even though I had no idee
what It involved.- .My only in-
formation on it had come from
a fellow conscript met one night
in a troopship who said he was
going to be an Actuary. 'When
I asked what they did. he re-

idled only that it was something

tfl do with iniihnwTWj
mnnbersh, but they canted good
money. So I offered my ser-
vices to the chief actuary of
Refuge Assurance in Man-
chester.

He had me into see him. and
turned -out to be a pleasant
chap if a bit overthoughtful.
The trouble was that straight
' after the preliminaries he asked
what my maths were like. All
I could say was there did not
to be any word to describe,
‘them. He smiled wanly and
had me shown out.

.Logically, I changed my aim
.to accountancy where my more
experienced and qualified col-
leagues seemed to have a scep-
tical opinion of actuaries. One
of- the standard of

them is "people who would
have gone on to be accountants
except that they couldn't stand
the excitement” By the same
token, economists could be de-
fined as "people who would
have gone, on to be actuaries
except that they .couldn't make
up . their wifnds "—but that
seems to be somewhat beside
the point.

Whether accountants still
snicker dindninfniiy at the
actuarial profession, I do not
know. But if so, the news
.from the Remuneration Econo-
mics survey may well set them
-laughing on the other aide of
their materialist faces. The
study was made in January and

covered 554 qualified and
student actuaries employed,
throughout Britain, 262 in in-
surance and 292 by consultan-
cies. Anyone wanting the full
survey report, by the way,
should contact Peter Stevens of
RE at 51, Portland Road,
King ston Upon Thames, Surrey
KTl 2SH; telephone 01-549
8726.

A rough idea of the general-
drift of the -findings is given
fay the following list of the
typical average money rewards
of actuaries at different stages
of growing old, compared with
those of similarly aged qualified'
accountants who have continued
in specialised financial work.

It appears that tbe only thing
which accountants on tbe whole
can do if they want to stay
ahead at their actuarial counter-
parts in the pay stakes, is to
die before they are SO.

Is the greetr years below 25
accountancy leads with £10.565
to £8R38, and also hi the 2S29
bracket with £14,030 to £14,009.

. Thereafter it is a one-horse
race. At 8044 tbe actuary Is
already dear with £20,696 to
tbe accountants £17.314. At
3589 the lead has extended to
£25305 against £20,874, at 40-44
to £30380 over £23,254, and
beyond 45 to £35,033 with the
accountant by that time run-
ning backwards at £ 22 , 826 .

As for perks, the survey
report unfortunately supplies no
equivalent comparisons. Hie
best I can do is to summarise

the typical fringe benefits of
actuaries five years -after reach-
ing the professional rank of
fellow, which means fiut they
axe probably aged around 37.

If we take as a standard 100
such people in insurance com-
panies, 72 received a bonus
averaging 6 per cent of salary,
the same number had a company
car with 24 having free private-
use petrol os well, 79 had medi-
cal insurance cover, 82 at least
five weeks holiday, and 94 a
subsidised mortgage. Of a
standard 100 in consultancies,
only 28 had a bonus but it
averaged 19 per cent of salary.
98 had a company car and 37
free private-use petrol, 83 medi-
cal cover, but only a mere 28
five weeks or more holiday and
19 help with house-buying.

to sum, it would seem that
even if actuaries are peculiarly
averse to excitement, they can
at least afford to live tediously
in comfort

Mixed pair

RECRUITER Peter Kay is look-
ing for two people. As he may
not name his cheats he, like
the other heatBumter yet to be
mentioned, promises to abide
by any applicant's request not
to be identified to tbe employer
at this stage.

The first quarry, who has
evidently so far proved
extremely elusive, is a financial

director with enough commer-
cial spirit to keep tabs on
people like product-developers
and other marketing types with-
out inhibiting their creative
urge. The employer, in the
Thames Valley, is the United
Kingdom branch of an American
high-technology group.' The
£400m-turnover branch has some
4,000 employees, about 250 of
them in the newcomer’s domain.

Candidates should have shown
business drive and general
management ability fay at least
helping to run a consistently
profitable operation. It would
be still better if they have
managed to keep it healthy
through boom and dump alike.

Salary flexible around £60.000,
with share option among other
benefits.

Mr Kay's other offer is the
managing directorship of a
London company which has a
£12m turnover in carrying-out
contracts to do up the insides
of buildings. I gather that, in
a managerial sense. It could do
with a bit of "interior refurbish-
meet” itself:

Candidates need to be demon-
strably profit-making, general
managers in the field of con-
tracting, not n ecess arily run-
ning a business of toe same
type although it would be all
to toe good if they were. The
money rewards are pitched
around £40300. A car is In-
cluded in toe otherwise nego-
tiable perks.

Inquiries to Kay Consultancy,
I New Bond St, London WIT
9PE. Tek 01-828 1114. Telex
266970.

Banking duo

A FURTHER two people are
wanted in toe City of London
tor cricketing headhunter
Norman PhUpot, who is keenly
awaiting a call to rescue one
of the England teams in the
West Indies and Sri Lanka. It
is a pity that he la an exclu-
sively left-handed player, if he
batted on one aide and howled
on toe other, be could split
himself straight down toe
middle and go to save both.

Meanwhile, he seeks a suc-
cessful senior swaps person to
develop a new Ixiteerest-nte and
currency operation for an inter-
national securities house, which
will probably involve recruiting
a supporting team. Pay not
disclosed. My guess is £60,000-
£80,000 salary plus usual sump-
tuous City-type perks.

Tbe other job is for an ace
foreign exchange and money
markets manager who has
shown the ability to lead a
young and enthusiastic” — which
I suppose might be a euphe-
mism for headstrong — ^«nny
room of an international bank-
I estimate salary at £50,000 up-
wards, again with munificent
perks.

Inquiries to NPA Management
Services, 60 Cheapside, London
EC2. Tel : 01-248 3812.

Bank Julius Baer £• C& is expanding its trading
and dealing operation in London in fine with its
rapid growth in fund management business and
requires

TWO DEALERS
IN SECURITIES

One is required with experience in all major
equity markets, the other should be fuDy conver-
sant with worldwide bond markets

The candidates win be required to transact
business on behalf oF important clients and liaise
with the Portfolio Management Departments. A
good knowledge of securities adminfetrattonwoukl
be desirable.

Applicants should write in with detailed Cur-
riculum Vitae to Ann Bums. Personnel Manager:
Bank Julius Baer Bevis Marks House, Eevls Marks,
London EC3A 7NE.

Salary negotiable with usual bank .fringe
benefits.

JBHB

BANK JULIUS BAER

Shepherd Little & Associates Ltd

BANKING ANALYST

k A *&nk>r research post has arisen with oneaffhe City’s leading Merchant&ante.
‘ Responsibl fries will centre around conducting research ana analytical studies

ofme banking sector and other financial institutions. . „ . ...

-Candidates vrill be required to have a broad spread of contacts throughout the
' etty .and a working knowledge of accounts.

MANAGER - MANAGEMENT

ACCOUNTING

rience of management accounting or reporting from within another

conduct prefflabiilty studies of their financial services and to seek ways of
hnpn^gfhetrprwentflnanctal systems. • \ •

FOREIGN EXCHANGE DEALER

thhrls a new dealing position In o-banfc relative ly new to London, they seek an

W I? aVTSp^n^totake responsibility for the
development of lhis bank’s foreign exchange activities.

DEALER — STERLING MONEY
MARKETS

An orienino In the dealing room of a large European bank to help develop the

IllUyUI * ii^iii ii ■■■■[■I !■■■■ ■ w

complicated Steriln&fransactlons.

.For further information on anyohhe above

position? please contact David Utile

Rkfeway House 41/42 King. William Street London EC4R9EN
y~ ; Telephone 01-626 1161

Bank Relations

Manager

Sodfi^Gen&ale. a leading International Bank, is seeking to enlarge the
tpam responsible for relations with, banks and financial institutions and
expand its business in areas such as asset trading and syndication, loan
parnapations/subpartidpations, short term trade finance^ RUFs, etc
Imaginative and self-motivated, die successful candidate will have a
responsibility for developing and monitoring the Bank’s commercial
relations with other banks and financial institutions in the widest sense.

As such he or she will be able to demonstrate abroadrange of contacts in

theCiry.

Applicants should be in their early thirties, educated to degree standard
and rave at least 3 years’ relevant experience. Knowledge oEFrenchwcruld
be an asset •

Sod6t£ G€n€rale offers the range of benefits normally associated with a
lading Inrerrrarinnal Bank, including a competitive salary plus bonus,
subsi&ed mortgage, non-conniburory pension and free medical -
insurance.

Applications will be treated in the strictest confidence.

To apply, please write enclosing full CV to Mr.JM. Crosby, Staff
Manager, Sod£t£ G£n£rale, 60 Gracechurch Street, London EC3V 0HD.

SOCIETE GENERALE

Top Executives — — -

earning over £25 jjOOByear
C^ yoaagbrftow«toow£^000aa>ootoindday7 Muster Executiwspedriises fn solving the
<azwprobk(U$ of executives. The Mater pro gram m e, taaoredtoyonr indhridnal needs and
mansgedtiy two or more partners, is your most effective route to those brtter oflera,75% of which
’ arc jsever advertised. •_ ■

n.^HBwite h»ueaBmnxtsdvc iccoriofsiicccas: many blue drip companies iriam our services in
theiedqplqyrnaaof torfrtop people. : __

> p r ^piiftwe f^^w^lbr a nduulnrivcStoigMM without oonalkxi— or cost.

EXECUTIVE LTD

28 Bolton. Street. London W1Y 8HB. Tel: 01-493 1309/ K*S

STOCK EXCHANGE
MONEY BROKER

staff required for

1. Gilt-edged Settlements

2. Office Management

3. Clerical Duties

An attractive remuneration package will be
offered to successful applicants who wish to
participate in die development of the company.

Please send detailed C.V, to

Bax No: A0051
financial Times

Bracken Hottae, 10 Cannon Street
London EC4

WiClMi MCi Ki

ADVERTISING

£41 per single column
centimetre and
£12 per line
Premium positions
will be dunged
£49 per single column
centimetre

For further information

coll

Louise Hunter
01-248 4864

I Eurobond I
Trader

£ Negotiable

We are acting for a major U.S. commercial
bank which has a significant presence in
the Eurobond market. They currently seek
to expand their existing activities by
recruiting a Eurobond $ straights trader.

Aged up to 30, you will have a minimum of
■2/3 years experience in a trading capacity
with a proven record of achievement.

This is an excellent opportunity to develop
a career within a highly successful team.

The remuneration package is very attractive
including a performance related bonus and
.will depend solely on experience and ability.

Please contact Sally Poppleton, on 01-404
5751 or write to her, enclosing a compre-
hensive curriculum vitae, at 39-41 Parker
Street, London WC2B 5LH, quoting
ref. 3604-

I M

1 Intern:

4 Lorn

I Amembe

Michael foge City

International Recruitment Consultants
London Brussels New Vbrk Sydney

A member of the Addison ftge PLC group

fry I

j Hants ■

Iney I

LC group I

Badenoch& Clark

FUND MANAGEMENT

To £30,000 + Bens

One of the leading UK Merritani Banks has a requirement for
a talented fixed Income Portfolio Manager with experience
In the Sterling fixed Income Markets.

Applicants should be aged around 30 and responsibilities
wiD include managing the Sterling component of multi-
currency portfolios, and proriding strategic advice on
international bond markets.

This tea first rate opening in an organisation with an excellent
reputation in the Inv es t m e nt fi eld.

EUROPEAN EQUITY SALES

OurdienLaTop 10 UK Stockbroking House partnered by an
International Bankferg group, is seekingto expand its European
desk.

I nterested applicants should have at feast two years
itocUbrakfng experience, preferably in toe European sector;
although OK institutional salesmen with strong linguistic skflb
wffl be considered.

This represents an excellent o pport uni ty to develop a
wBh a {rime name and remuneration wffl not be a problem far
toe successfal candidate.

Fora confidential discuss ion , please contact Jnm WBrao,

financial Recruitment Specialists
16-18 New Bridge St, London EC4V6AU
Telephone 01-583 0073

Director
Finance and
Administration

Aquafified accountant is required by an international charily

located in North London which has gnwn rapidly anoe it was
established in 1972. Annual income has doubted in the fast
three years to £13 m.

Reporting to the Chief Executive, toe Director of Finance
and Administration will hae a staff of twenty and be part of
as m afls en kH~ managTnpr ittEam.R£5po nsibtfitips wflIcci9cr
accounting and treasury functions and managnnent of a
complex data base system running on a mini computec
Budgeting and financial planning skills will be necessary
and some experience of foreign exchange management would
be usefuL Occasional trad overseas win be necessary
Salary will be negotiable up to i3&000ja.

Please send personal details in confidence to: Geoffrey Ehns,

C2«RnYAPP0I>ITMENTS,

Victoria House, Southampton Row; London ViOB 4DH.

Charity

Appointments

Equity Dealer

Stockbroking

Experienced UK equity dealer required
by smaD, specialist London Member firm.

Competitive remuneration package,
emphasis on reward for effort

In the first instance, call Christine
Hough, on 01-481 3188 in complete
confidence.

CHAXTBIHOUS APPOINTMENTS UMITED
EUROPE HOUSE ■ MW) TRADE ONTO ■ UNDO* El *AA ■ 0-481 3188

: *v -Vi

Financial Times Thursday February 2* UK

Shell U.K. Exploration and Production

Insurance

analyst

International Fund
Management-Far East

$100-150000 + equity potential

ne cf the world's leading fund management With a presses in the IK tire Channel bfeods.

One cf the world's leacEng fund management
groups has retained us to strengthen further its
international investment team by recruiting a
Senior Managec initially to be based in the Far East
To be considered, you must comply with the
Mowing criteria:

• Age range 30-35

• A successful track record in cfeafitionary
portfolio management

• Knowledge of Asia-fadfic stock markets

•Ambition for a highly remunerated *

international career |\ ft

FnirfyastabSshed as one of the bating North Sea
operating companies, wb am committed to a continuing
programme of extensive exploration and production. To hep
its protect the immense investment required to fund tins
programme, we am now seeking an experienced Insurance
Analyst P*'

Based in London initially, you w& be responsible for I

providing irtibmmtfon to Project Teams on the market \

avaSabSity of construction insurance and the indemnity and\
insurance prowsfons to be included in contracts and \
agreements. It is anticipated that after an initial period, you '
witi transfer to Aberdeen in order to offer advice to our
Operations Teams on the cover and administration of the
Operations insurance. There w& also be some Involvement in
the arrangement of miscellaneous insurances and die
Investigation of claims.

Pro&abty in yew mid 20s/earty 30s, you have had first-

hand expertence of offshommsuiance practices and wd be
an Associate or FeBowoftho CO. Effective communication
sfdMs, ateghdegmeofsetf-conficfencearKfa flexible working
attitude am also essential for this position. In return, you w&
enjoy an attractive remuneration package commensurate
with )cur contribution to our future and the opportunity to take
advantage of the long-term career prospects which are
created by our continuing record of success.

Please telephone 01 -257 5001 for an application form or
write, enclosing a fuB ck to: Sheti UK Exploration and
Production, Attention UEP/152, SheB-Mex House, Strand,
London WC2R0QX. Please quota FtehFT/20286.

MaL

mnent X JLppc

Bermuda, the USA. Tbkyoi HongKbngand
Australia, the Group offers the opportunity to
operate at the highest level in a sophisticated
global environment ■

The terms offered are comprehensive aid nouoe
equity potential and fid expatriate aflowar icts.

Ptease send a detailed c\t in strict confktence

to Peter Wilson FCA at Management _ %

Appointments Limited (Search and Selection
Consultants). Finland House,

mm S6Haymariceft P LondonSWTY4HN.

« T Tel: (01) 930 6314.

Management X JL ppoMments
Limited

i

NEW GENERATION
NORTH SEA PROJECTS

Eurobond

Processing

Manager

Our client, a leading London based Merchant Banking
Subsidiary of a major US Bank, is seeking a Manager of
the Hade Processing Section within the Eurobond
Settlements Department. .

The successful applicant would have gained *
detailed knowledge of processing a wide range of
Primary and Secondary Eurobond transactions along
with Euronotes, Gilts, US Treasuries and would be fully
conver sa nt with both Eurodear and Cede! operating
procedures for Settlement instructions.

Candidates should be able to demonstrate
proven abilities In managing staff in a high volume and
pressurised environment and would probably have had
a minimum of 5 years relevant experience.

Salary is negotiable and would be in the range of
£16,000-£20,000 according to experience.

Please write with fuQ personal and career details
to the Confidential Reply Service, Ref: ABE/9339,
Austin Knight Advertising Limited, 20, Soho Square,
London W1A IDS.

Applications will be forwarded direct to the
dient concerned. Therefore, companies in which you
are not interested should be listed in a covering letter to

the Confidential Reply Supervisor.

Austin

Systems Development in the
Equities Market

up to £25,000 + Banking Benefits

With the 'Big Bang' now imminent, the wind of change Is blowing
through most of the big financial institutions in the City, not least our
Client. As a major City based commercial bank it is currently
addressing itself to the inevitable and very radical changes that re-
regulation must bring to its operations.

As a part of this review, a completely new systems team is to be
created within a well established information technology group, to
develop the new systems needed to meet the changing marketing
demands. Utilising 4th generation languages, real-time database
techniques and the very latest ideas in technology, primarily the
need is for the fast and accurate provision of information in the
trading of equities - but the system requirements at this stage are
very open ended, in many respects the market itseif has only a
broad idea of the final outcome.

To head up this new team our Client is now seeking a Project
Leader who, above all, has extensive systems development
experience with the specialist knowledge needed to develop in-
house systems and purchase commercial software packages

when required. Coupled with this a dear urtcterstaricflnfl of to*
equities market and dealing pro ce dures fes required, to kilty
appreciate the probtems to be solved. •

if you enjoy the challenge of change and would nke to be apfflt of
the excitement of establishing new systems m what it virtually a
greenfield situation, then ourCfient woofer be prepared to negotiate
a very generous benefits package. This win indude salary negoti-
able up to £25.000. home mortgage subsidy, nan conraxAoty
pension, free PPP medical Insurance, 4 weeks’ holiday, season
ticket loan scheme, free fife assurance and free lunches in a well
appointed staff restaurant

We see this as an excellent opportunity to join a financial organisa-
tion with high standing worldwide, and gain experienced an area

mouwaiwi a ineautwHi wiuw m ewwwiu.

Alternatively, send fun career details and a contact telephone
number in confidence to J.E.M. Associates.

J.E.M. Associates

Personnel Consultants to the Banking & Financial Sectors

r

MORGAN STANLEY INTERNATIONAL
MANAGEMENT TRAINING

London Office of Leading-Wall Street Firm
Management Information Systems Dep a rtment (M.I.S.)

Career Development Programme for all University graduates:

We are searching for a select few who have the Intelligence, discipline and initiative to
dedicate al of their skilts and energy to pursuing a unique career opportunity in M.LS.

This department provides all of the electronic services to the Rrm which includes
data processing, communications, database analytics, telephones, market quote
systems, etc.

Our Programme Offers:

• An outstanding compensation programme. Compensation during the 6 month
entry training period is at an annual rate of £1 1,000.

• A means of establishing a high growth career in M.l.S. In a chaBengrng industry
(Securities). We offer a significant amount of training plus the opportunity to work

. with excepfonafly talented securities Industry and information systems
professionals.

• Training win be carried out to our New Vbrk offices for a period of between 6-1 B
months prior to taking up a position in our London branch.

Requirements:

Individuals selected forth® programme will have earned a university degree and
performed with rfistinctJon during their academic careers. Analytical skills are essential.
We require your resume and a cover letter hi which you develop an organised presentation
erf your qualifications to enter this programme. In addition to presenting your objectives
and accomplishments, please provide us wtth your academic quafificatkms Including ’O’
and ‘A 1 level grades.

£25,000 to £33,000

Our dieat is the investment management arnrof an -internationally
known overseas bank. Due to continually increasing funds under
management they now wish to appoint an equity manager.

Candidates should be graduates aged 25 to 32 with a sound
understanding of the UK equity market and an interest in the
European markets. This is most likely to have been gained through
a research background and fund management experience ideally in
a similar environment. Performance awareness and lateral thinking
are key attributes.

The position will involve joining a small closeknit team and taking
over responsibility for managing the equity portion of certain clients
funds. It is envisaged that this position should appeal tx> an able
individual who now wishes to play an important rote in a developing
team.

Please contact Fiona Stephens or Martin Armstrong who will treat
all enquiries in the strictest confidence.

Stephens Associates

InvestxnemSeCTdj&SdectifaCdnsuhams

44 Carter Lane London EC4V 5BX.W-Z36 7307
BtpraMoufive Aootiatcs in NewVbrik Mdltfoo

Pfeaso write to:

Joanna Wflflams
Morgan Stanley International

1 Understiaft

London, EC3P3HB.

J

Sales and/or Research

Tokyo

With the Japanese Ministry of Finance
granting securities broking licences to
foreign owned institutions a number of
our major internationally' based clients
are actively building their already estab-
lished offices in Tokyo.

We are currently searching to invest-
ment analysts ana sales executives with 1
10 S years experience in ally sector or
market who now Irish to move to Tokyo
and gain localised knowledge erf this
expanding market.

Please contact Emma Weir.

European Research

Due to developments in European prim-
ary and secondary markets we are act-
ively seeking analysts on behalf of reput-
able clients who wish to expand their
coverage of Continental Europe.
Experience of investment re sea rc h
together with general or specific Euro-
pean market knowledge will provide the

opportunity for considerable success.
Please contact Martin Armstrong.

For an Informal talk about the market or
to discuss many other specific positions in
the £10,000 to £100,000 range please
contact us in confidence.

Stephens Associates

Investment Search &. Selection Consultants

44 Carter Lane, London EC4V5BX. 01-236 7307
BeprcscmvUve Associates In NEW>bifc andlblcya

Commercial

Executive

to <£25,000 + benefits

Our dient has extensive business
interests throughout the U JC,
continental Europe and the United
States, primarily in die food sector but
with substantial and growing
involvement in other commercial areas.
Sig n ificant and profitable investment
has taken place in recent years and there
is a major forward development plan.

The selected candidate will be heavily
involved in the further development of
an already highly successful business
through die identification of new
opportunities related to current
activities and the extension of existing
operations into appropriate areas.

Candidates, educated to Business
School level, must offer several years
verifiable success in general or
commercial management and a high
standard of financial awareness; the
ideal age is around 35.

Career prospects are excellent and
short term business assignments in the
U.S.A. and the continent may ria*. Full
details of age, experience and
qualifications to:

Sir Robin Ch ichester-Oarfc
The Wejbeck Group Ltd
Executive Search Consultants
Panton House, 25 Haymarket
London SW1Y4EN

mm> Jonathan^/ren

Aircraft Finance

— New Business —

£30-£40,000 Neg

We seek applications from Graduate Bankers, aged 30-35 yearn, who an able to ctooriv
*£****** recwdtotoertltying, pricing and struSning of aircraft daab in

£5M+ ran^. Transactions wiBte both Dcmiestic and Internalional, ate wfi be on Of (^balafjce

Chief Auditor - ACA

To £30,000

as? ?*"’**> & ■**#»

offering exceitem career SS**-!

Eurobond O rigina tion

£Neg

[S

re 1 P

5 re

1 1'

-ito

Internatipnal Banking Operation
£25,000 -£30,000 + Benefits

n

Our client; a subsidiary of one of the world’s largest financial institutions and an established name in the
personal banking/investment sector is bfoadening its activities into die mortgage lending field.

The successful candidate wiDr have a pnmn trade record in a mortgage lending environment together with first dass

This challenging and demanding role offers a highly co mp eti tiv e remuneration package and represents an excellent
opportunity tor rapid career progression within a toward dimking banking organisation .

Interested applicants Should contact NedNokes on 01*404 5751,' or write to him, endosinga comprehens ive
curriculum vitae-and quoting zefixenoe 3603, at the Insurance Divisioa, 3W41 Parker Street, London WC2B 5LH.

International Recruitment Consultants— Condon Brussels Newark Sydney
"• AtnemberoftheAckfisonR^PljCgroi^j

J

International

Voluntary

Usm Less Inmortant than ratmnt
expertanev whlcb owy Include running
• Canines* or co -oneratire; ratoJIlnfl:
wpertoee as m bhku, sties, otftce.
or personnel manager; eccocnfnt or

mar contract InclucHna modtP
Itvlnfl allowance- Heoret nft funding
for dnntfnb. Applicant* not bo
resident m UK or Ireland,

Por deans send large i a ff. end
short Lv. to-.

""“ET*"

53 Raaant Road. uuoMr
Please quote rataranca FT4

FOREX

For Forex, Capital Markets and
Treasury appointments consult
a specialist agency
TERENCE STEPHENSON

Prince Rupert House
9-10 College Hill, London EC4R IAS
Tel: 01-248 0253

Appointments

Wanted

GILBERT ELIOTT & COMPANY

Institutional Equity Sales U.K.

Backed by the resources of Austria's leading
Investment- Bank, Girozentrale Vienna, we are
committed tx>_aj>oiicy of planned growth, in
international fixed interest and equity
market ; vr^ ;.T ‘

In domestic equities, we wiD build on our
specialisations in oil, retailing, investment
trusts, construction and food manufacturing
and will also look to add further sectors that
have longterm appeal.

Our sales effort will continue to be research
based and we intend to retain our role as a
purely institutional agency broker.

We are seeking to recruit a number of sales
executives, individuals or teams, both to
service clients on our roasting specialisations
and to take us into new areas. We believe
that our future development offers excellent,
opportunities to those of the right calibre.

If you think there could be more scope for
your talents in a compact, professional shop
than in a securities superstore, write to or
telephone Julian Knight at GE, on
01-628 6782, STX 4899, or by letter to
Gilbert Eliott & Company, Salisbury House,
London Wan, London EC2N 5SB.

AU replies wiU be dealt with in the strictest
confidence.

ADVERTISING

£41 per single cohnnn
c entime tre and
£12 per line

Premium positions
will be charged
£49 per single column
centimetre

For further information
call:

TREVOR PUNT
01-236 9763

Opr fuel efficient gas turbine power sources are consistently winning new
orderairom airlines Ground the world. Wfa are now looking forward confidently to a
new wain which our technology will find wider applications and open new
opportunities lor the company. VWs now wish to mate this Key appointment within
our expanding Commercial technology group.

The responsaDWties of this challenging rote win involve providing market
research leadership, ebusiness planning service, identification of potential market
she and entry sales strategies. Other facets wiH Include advice on maximising
returns and quantified assessment for possible outturns on new ventures,
predicting Htely market requirements In terms of productafeupport services and
financial monitoring of all related activity. Travel throughout the UK and overseas
wilt be an essential Ingredient of this poet.

Applicants, maleflemale, should possess an MBA degree or equivalent in a
business related discipline and have gained at least 5years' experience In a wide
range of market research activities. Candidates must demonstrate outstanding
communication sWIIs.

.The remuneration package will fully reflect the ability and experience required
for the position. Generous financial assistance wiH be provided for relocation where
appropriate. .

For an informal discussion, telephone Nan Smith on Derby (0332)42424,
extension 2^ or wrltelo him enctodng full cv together with renuneratfon

required. Roitefloyce Limited, FO Box 31, Derby DE2SBJ.

ROLLS-ROYCE LIMITED

PK Christiania Bank (UK) Limited

The Bank is a major market maker in Eurobonds with par-
ticular emphasis -on Scandinavian issues. We are c ur r ent ly
looking for two top quality men or women to strengthen our
rapidly expanding Investment Banking Division.'. .. • - • •

Swap Dealer

A special opportunity has arisen fora graduate CO Gain as an
Interest Rare and Currency Swap Dealer within our Swap
Department.

The successful candidate should be a highly motivated and
dynamic character who can develop a multitude of skills
including marketing and analytical abilities.

This post could alternatively be suitable for an individual
with related experience who wishes to broaden contacts with,
customers ac a senior level especially in Scandinavia.
Knowledge of legal documentation, comprehensive under-
standing of computers, credit analysis and. languages would
be advantageous nut not essen t ial.

Institutional Equity Dealer
Scandinavia

The person we are looking for will have solid knowledge- of
the Swedish and Norwegian equity markets together with
analytical work experience as a necessity, The applicants
should also have a well established contact network among
institutional investors and dealezsintheUKaud Scandinavia
as well as in the United States.

In all cases a comprehensive and highly favourable re-
muneration package will be offered to the successful
candidate. Please reply in writing, endosinga detailed cvc
to Mr. Jan Lundqvm, Executive Director, J?K Christiania

The PK Christiania Bank (UK) Li m ited is an international,
merchant bank, jointly owned by:

PKbanken is one of Swcdenfe largest banking groups and
Christiania Bank og Kreditkasse which was established
in 1848 is the oldest and one of the largest banks in Norway.

BROWN SHIPLEY

PRIVATE CLIENTS

ASSISTANT MANAGER

- TV fact wypandjng in v e s t ment-arm oF Brown Shipley, the long esta blish ed
Merchant Bank, Is lodkmgfbr an assistant manager for the private clients
department — ah area on. which great emphasis is being placed.

Duties will involve the development of an already healthy client base and
will include direct contact with clients. Working within our team, you wiH be

The successful applicant will bain his/her twenties with at least 3 to 4
yeazs relevant experience in the private client department of a Merchant Bank
of stock broket He or &e vtfU have tile ability to establish sound relaiionshqjs
with bur clients, building on onr reputation for providing a high level of
pers on al sezvicer

The remimeratioapaclagtivrin reflect the importance of this post and wiH
indude the benefits associated with a Merchant Bank of our standing.

Write with CV to Norman Perry
Brown Shipley Investment Management Ltd, J L-B .
Hdon House, 2/3 Eldon Street Eff ]E

London EC2M7DU. £| |E

’ fAtscBiber of tiuf Brown Shipley Group) BSSfll

m

Edward Manson and Company Limited

A Licensed Deposit Taking Institution under the Banking Act 1873

Orca £15,000

DEPOSITS MANAGER

Edward Manson and Company Limited, the banking: services
division of the Manson Finance Trust pie Groqp, have a
vacancy for a Deposits Manager reporting to the Treasurer.
Candidates are expected to be imaginative product developers
and able to formulate marketing plans to attract a wide range
of retail deposits Including cheque deposit accounts. Of
necessity therefore, this role wiH also indude the administra-
tion and expansion of a small Banking Section.

The ideal Candidate should be an AJB or hold a similar
financial qualification and must be able to demonstrate proven
consnimication and leadership skills.

Applicants who are Interested in tills position should send
their Curriculum Vitae to: —

Mrs G. A. Christensen,

Assistant Manager — Group Personnel,

EDWARD HANSON & COMPANY LTD,

Henrietta Howe, Henrietta Place,

London W1M SAG.

AVIATION

Markaling Director sought for two-year-old Aviation Brokerago/Supply
company which specialises In cammeroial/genaral aviation brokerage end
makes a two-way market In coRimBrsiaVgonaral/mlKtary aviation spares
In Europe. North America, and the Third World. Company is a sub-
sidiary of one of the world'e leading international investment end merchant
banking groups, provum diversified services {Deluding banking, trade
financing, export trading end advisory services.

Applicants should have 10*15 years of relevant sales and marketing
experience in the aviation Industry, end a proven' record of dynamic
performance- French and/or Portuguese language skills highly desirable.
UK base. Compensation commensurate with experience end excellent
incentive bonuses paid for sticcnsful performance. Plasse send detailed
CV in confidence to CEO. Ill Charter Oak Avenue. Hartford, Connecticut
06106 U.S.A.. Attention: Joyce Williams.

senior executive

currently employed u general maneoer
of mipr estate opener group, but with
20 years experience with national
finance house seeks new challenge any-
where Hi UK.

Substantial sales and administrative
experience hi Md Of property toacBne.-

Write Box a. 0056. nnanOaJ Times.
10 Caraion -Street. London EC4P 4 BY.

International
Portfolio Management

European & Japanese Markets Aged 24-29

RothschM International Asset Management is seeking to appoint two fund managers with

experience of European or Japanese companies.

The posts will suit individuals, probably graduates, with 3 to 4 years' experience gained In a
stockbroMng or money management company of either cont i nen ta l Europe or Japan. ~
Candidates must be able to deirio nair B tu that they are capable of creative analysis, end the
posts wifl kiwtfve both portfolio management and the provision of specialist advice within tha
Company. Business activity is expanding rapidly and considerable chaSenge exists in the
Division.

Career prospects are excaBent and a' highly attractive salary package wiH be provided which
wll indude participation In a profit-sharing scheme.

Please send a full curriculum vitae to:

The Personnel Director,

Mil RothsctiM & Sons Limited,

New Court aHa

St Switfun’s Lane, AJCTKA

London EC4P4DU.

N.M. Rothschild & Sons Limited

j

Finance Director

High Growth PLC £50,000-^60,000

Our dient is one of the country's most successful PIC* who has
consistently been in the top ran kings for growth and profitability. With
turnover circa £200m and a market capitalisation double that, it is the
outstanding performer in its market. Financially extremely strong and with an
excellent City rating, it is actively engaged on a programme of further
international expansion and acquisition within a well defined strategic plan.

As one of a small executive team, and the only other executive director
located at the London Head Office, the Finance Director will work in dose
partnership with the Chief Executive in the direction and general management
of the group. He/she will have overall responsibility for thegroup financial "
function including planning, financial control, and aU treasury and financing
matters . Together with the Chairman and the MD he/she will handle
acquisitions and Gty contact

Candidates, preferably aged 35 to 50, should be qualified accountants
or MBA!;, with a broad background both at tire operating company and group
level, ideally in a fast moving organisation. Exposure to general management,
experience of the Gty, and a good grasp of computertechniques would be
valuable. They must be seif starting, intellectually strong, highly committed
. profession^ who canbalaiKeexceUm conceptual skills with well rounded
judgement, common sense and commercial acumen. Maturity and an
. attthoratiftre presence are essential.

An excellent remuneration package including a base salary of £50,000
to £60,000 plus share options wiH be negotiated. Please write in complete
confi denc e, quoting Ref, 1630, to Ian Odgers who is advaing on foe

appointment >

Ocfeers

MANAGEMENT CONSULTANTS
Od#ers and Cp Lid, One Old Bond St,
■ London W1X3TD 01-499 8811

PROPERTYDEVia^PMENT

Financial Controller

AmajorBritish interna-
tional company, having
substantial surplus land
resources arising out of its
manufacturing activities,
wishes to appoint a Financial
Controller to join the senior
management team of its
Property Development

The division comprises a
holding company and five
subsidiaries. It has grown
rapidly over the last few years.
Is highly profitable and is now
developing a number ofmulti-
million pound commercial
and housingprqjects, mainly
in the south east This is the
senior financial position
within the division and offers
excellent prospects. The
position is based in
Berkshire

cc&p

The successful candidate
could be a qualified
accountant or banker with
substantial experience of
property development and
the particular needs of
p ropert y fin a nce . Experience
of computer-based financial
control and property
management systems would
be an advantage. He or she
must have drive, flair and
maturity and be capable of
providing high quality,
creative financial advice.

Salary is negotiable from
£22,500 depending on
experience and the
associated benefit, package
includes a car

Please contact Richard
\hrcoe (quoting Ref 243 J,
enclosing your cac and
showing how you meetthe
above specification.

CocKman,Cop cm a n It P ar t n e rs Intern ati o nal Limited
26/28 Bedford Row, London WC1R4HF

PR opportunity for
a young professional

RTZ, one of Britain's largest and most successful companies, is
re-organising its headquarters Public Affairs team. The company is seeking
an additional public relations officer to undertake a varied range of duties
with a particular emphasis on developing relationships with the CHy and the
financial world.

The successful candidate, male or f emale , probably aged 25-35, will be
working in PR or ini the City Reporting to RTZ*s Head of Public and Investor
Relations he or she will be educated to a high standard and possess the
skills, experience and personality necessary for success in a challenging,
fast-moving work environment

An attractive starting salary will be offered, reflecting the importance
RTZ attaches to the post, and there will be prospects for career
development

RTZ

Limited

Please write with full details of your career to date, current salary etc., to:
Mr. C. C. Machin, Manager, Personnel Services, RTZ Limited,

6 St James's Square, LONDON SW1Y4LD.

Financial Times Thursday February

Euronote Trading
& Sales

... key new appointments in a
developing market

Samuel Montagu - a member
of tiie Midland Bank Group-
ism established and progress
save international merchant
bank. The Euronote and
Eurocommeragl Paper mar-
kets are s^n as significant
growth areas for the Group;
Samuel Montagu's Commer-
cial Paper Unit is the focal
point for the further develop-
ment of these products.

securities and to be one of the Lays market leaders muusnjgmyajmpeuuveneia. meare
now looking to recruit an Experienced Uader and two Euronote Salespeople to supple-
ment the existing team.

The Trader will take responsibility' for trading our portfolio of Euronotes, and Euto-
commerrial Paper: Relevant experience is sought m trading and formulating dealing
strategies for Euro-securities, together with the ability to liaise effectively with Bales P^ -

Hie Euronote Sales positions ideally require experience in developing a Euronote
investor base. However; consideration will be given to those with trading or sales experi-
fnoft in a similar area. Qualities sought are enthusiasm and numeracy, together with a
proven sales and marketing record.

A competitive remuneration package is offered reflecting experience and the level of
appointment Excellent benefits mdude mortgage subsidy, generous bonus, non-
contributory pension scheme and family medical care,
jv Please write with fi<u personal awt to?

fS Mre. Carolyn J- Bland, Manager; Pftreonnel,

114 Old Broad Street, London EC2P SHE
Tel: 01-588 6464.

SAMUEL MONTAGU

r

Corporate Finance

Japanese Euromarket

1

£25*30,000 + bonus + benefits

live Japanese market represents one of the most bn
investment banking subsidiary of a major New Y«|
expand die team Handlin g this vital business.

You will:

★ Market and dose transactioaswith London based

; sectors of our client’s Euromarket activities. As the
igh reputation in the Far East and currently seek to

Japanese banks, financial institutions and corporates.
Together with the Tokyo office, submit corporate finance

They require:

★ A minimum of two years’ corporate finance experience in
thcEuromaikets.

■k A sound knowledge of asset and liability swaps, new issues,
nils, mfs, private placements etc.

* Travel to, and possfotyundntake, an assignment in Ttkyo. ★ Ideally, Japanese experience or language abilities.

Candidates in tbeirffig or early 30’s, with initiative, adf confidence gad die aggression to succeed in this competitive market.

should contact Chris
WC2B 5LH, quoting

her Smith on 01-404 9791 or write to him at

3561.

Page City, 39-41 Packer Street, London

Michael Rage City

International Recruitment Consultants -^London Brussels NewTftwk Sydney
A member of (he Addison ftge FLC group

CJA

RECRUITMENT CONSULTANTS

t mh

35 Mew Broad Street,

London E-CHfVf

Tel: 01-583 35S8 orOI-583 3576
Telex Mo. 887374 Fax Mo. 01-638 9216

ECONOMIST- LATIN AMERICA REGION

CITY

<£25,000

MAJOR INTERNATIONAL BANK

We invite appBcattons from econwristewtio should Easily haw had slgnfflcant Afiwffoa region

be forward urx^jened to Off cfe - unte»yw^ companies to
Security Manager: CJRA.

A career app oin tment ottering significant promot io n prospacte wfthtn the Cotporate Planning Group or ki Genera* BnftM

Management In 2W3 years.

FINANCIAL AND STRATEGIC ANALYST-

UmiAM

BERKSHIRE £14^XM£16^0O

CORPORATE HEADQUARTERS OF MAJOR EXPANDING EUROPEAN PETROCHEMICAL
MANUFACTURER - SUBSIDIARY OF LEADING US ENERGY CORPORATION

This new a pp oint m ent, the resuft of expan si on, rate for Honours graAiateafrt a numerate cSadpfrta or qoaBfied mxx x tftiant s. aged 34-28 .
amin»iiii«Tta(2yeareexpsrtiOTCemlhefinarcialBndbU8ino8eana»y3tatunctfonwtfttoal ^ ^ '

lrK»rp ofa lingmkro<axiqte)ermodellnB.Abad<groiJitotothBpe*T)diem^

desrabie together with a knowledge of French.' The auccessM candidate, as a member afasnaB team. wB be reapqnsftte to toe Manager, Planning

and E^iuabc^fcyiheanaVsts^bustnesa propose and txxnmertUaereon.budgeflng and p<anrWig.8tFaiaBk^<iriamial and rnaaXetsaxfles, induding
acquisitions, pfus the axmM of major capita! expendltife. Key to (tie success of this appointment are an enquiring, analytical and constructive apr ^ <
presentation sWDs and the abfity to perform with the minimum of (fraction and supervision. WBal salary negotiable £14,om'-^6j000 1 nono3rtribiat»y
pension, He assurance and free tartly medical assurance. Appflcations, fh strict confidence, under reference PSA4389/FT to the Managing
Director CJA.

35 NEW BBOAD STREET, LOKUMBSMINH. mHUGE: 01-588 3588 or GI-OB 3576 TELEX: 887374 FAX: 01438 921&

Officer
in Charge

Bank Limits Section

circa £15,000 plus benefits

The HongkongBank Group, with Its subsidiaries and
associates, ranks among the fourteen largest of the world’s
banking groups.

Tins position, based in London, will involve tbe analysis of
Banks and Financial institutions. Tbe job holder will also be
responsible for ensuring that proper security documents are
issued and received in support of facilities, and the day to day
supervision o$ a $maB department.

The successful applicant will be aged 28-35 with a good educa-
tional background and have completed orbe studying for their
AIB examinations. He/she will have at least 6 years general
banking experience together with a thorough knowledge of
credit assessment and facility documentation.

Full career and personal details to:

Personnel Officer
Ho ngk o ngB a nk Group
P.O.Box 199 :

LONDONBCZP ZLA "T* a«pW featiwCsrimtiM

OPTIONS BLUE BUTTON

We are an expanding firm of international
stockbrokers and we require a young
trainee to join our trading team on the
floor of The Stock Exchange to learn all
aspects of the UK stock market and index
options. Career opportunities may also
include US and foreign currency options.
Salary negotiable.

Please reply in confidence to:

Box A0052, Financial Times
10 Cannon Street, London EC4P 4BY

Jonathan\\/i

ten

Administration Manager
Pension Fund Investment

Over £20,000 + Benefits

HARVARD

Licensed Dealer in Securities

Harvard House ■ 42-44 DoXben Street
London SO OUQ

Offing IQ wir condoning expansion, we wish to recruit a farther
number of

ACCOUNT EXECUTIVES

tti art the largest “MARKET MAKERS” in OTC stocta in
the UK. and would welcome applications from self-motivated,
ambitious individuals.

A financial background would be helpful but not essential is fall
mining is provided. Previous sales experie n ce preferred.
Remuneration is do obstacle for the right candidate.

For appointment phone 01-928 4944 asfc far
Miss Fox.

Fund Investment. The successful applicant will head a small team
responsible for all facets of the investment administration of around 70 pension funds. As
such he/she win work closely alongside the Fund Managers and will provide an Interface with
the Bank’s Stock Settlement Offioe. Ha/she will also liaise with the Marketing Team and wiB
be responsible for collating their performance statistics.

The successful applicant wiU probably have carried out a similar role in another Investment
House and may be seeking foe opportunity to improve career prospects by moving to a more
dynamic organisation. This is an important appointment which wiU attract a competitive
remuneration package for the right individual.

Contact Marie Forrester

All applications wffl be treated in strict confidence.

onmoan m

Recruitment Consultants » ▼

170 Bishopsgate, London EC2M 4LX. Tel: 01-623 1266

HONG KONG

COLLECTIONS
CHEF EXECUTIVE

£18,000 + car

Sound Diffusion is an estabfahed
leader in the supply of capital
. equipment to a wide varirty of
commercial, health-care and
institutional sectors. In keeping with
our expansion plans, it is now
necessary to establish a new company
wfthinSaund Diffusion to handle ■
collections.

This is a rare opportunity to bufld
up a new organisation from the
ground floor. The success of the
venture wffl depend almost entirely on
your managerial skffl and influence.
Ybu will be required to establish,
manage and motivate the support

'team.

com me rcial decisions. A persuasive,
well presented professional, you must
have a sofid understarxfing of creefit/
rental systems and their legislation.
The post offers the opportunity for an
incftriduaJ wefl vented in business with
an Impressive track record in
collections to make a move into a
strong management position.

The highly competitive package
■ncfod es usu al large-company benefits
“ car, contributory pension scheme.
BURA and, if appropriate, ft>8
assistance with relocation to the
attractive South Coast location.

Aged 35-50 and well-established,
preferably with an accountancy
qualification, you mud: have the
-insight add abiflty to mate sound

Please send foil cv to Ann Ken;
Personnel Manager, Sound Diffusion
PLC Datum House,

Davigdor Road, Hove,

East Sussex BN3 1RZ, : —

or telephone -—P*-

0273 775499 for an JW

^pficatiortform.

SDG

Are you earning over £ 20 KskI seeking a new job?

The Connaught Services have haloed more executivestoftid
new appointments than any other organisation -mainly in
the unadvertised vacancy area.

Contact us fora free confidential meeting. If you arecurrentiy
abroad, enquire about our EXPAT EXECUTIVE SERVICE

32SavSoRow l|9M|MMBn| 01-7343879
London, W1 W&tlj/I&fMkli&UBlm CHhours)

The Executive Job Search Professio

Applications are invited for tbe following positions:

ASSISTANT SALESPERSON/TRADER

up to 30 years

Trading convertible and warrant bonds
Full training will be given, but previous experience will be aa
advantage.

EUROBOND SETTLEMENTS CLERK

Experience essential

JAPANESE EQUITY SETTLEMENTS CLERK
Experience essential and some knowledge of Japanese language,
with emphasis on speaking and reading, will be an advantage.
Applicants must have wide interest in financial - and economic
affairs and be prepared to work in an AngloJapanese
environment

Salaries are negotiable and will be commensurate with knowledge
and. experience. Successful applicants will be offered attractive
salaries together with bi-annual bonuses and full bank benefits.

Please apply la writing, with a full curriculum vitae to:
Miss K. Tanno - Assistant Personnel Officer
New Japan Securities Europe limited
4 Fencimrch Street, London EC3M SAL

International
Securities Sales
Executives

aiph^fo^est^^andshouW p*^ y beeduSSSSSXtewL

Institutional Sales - Austria/German

' o ' muiuib oe

experience.

Street, London SW1Y4PR

*12 Regent

* 2n

IUnaiwaaI ; 15 m^B Thursday February 20 1986

4c

Financial

. INTERNATIONAL SECURITIES DEALERS
C% -W , to £23,500+Bonns+Car

Out. client is one of the largest and most prestigious privately-owned
European Merchant Banking groups. Primarily dealing in Eurobonds,
they provide a wide range of specialist services to the world’s major
financial

Through continued expansion, theyno w wish to recruit a high-calibre
Financial ’Controller/rreasprer • who has experience in handling
settlements in the International Securities Market, preferably within
a Banking or Investment organisation. -

This ehatiimgiTig j-Q| e yfil ideally suit an ambitious Qualified
Accountant, aged 27 to 40 years, who is able to prepare financial
accounts and management reports to strict deadlines. A sound
knowledge of treasury and corporate tax matters will he an advantage,
whilst a familiarity with the latest computer applications is essential.
Commercial flair, drive and self-motfvation will be key personal
qualities of the successful candidate.

A substantial bonus and benefits 'package is offered, reflecting the
impcrtamreofthissehkff apointment ; “

Please apply in complete confidence to Gary Laurence, the group’s
financial recruitment advisor, on 01-242 6509," or if writing, enclose
a full C.V. and salary history for' his attention at:

SELECTED ACCOUNTS PERSONNEL LTD

Suite 321, High Holborn House, 52/54 High HoBxnm,

, Jf topdoaWpXV 6RL . .

A Teteptioasiiti-242 0509 (24hoqrs) ^ *

Interviews will take {dace in or out of office hours, whichever is more
convenient. •

Age: 24-32

Excellent Salary Package inc. Bonus + Mortgage

THE COMPANY:

THE POSITION!

THE CANDIDATE:

. One ofthe biggest names in the Industry; takingpride in leadingthe
field and determined to maintainits position by continuing to hire the
very best.- ; . ......

To play a vit&lrole in coordinatingand'control)ing all recruitment
activities and related personnel matters within a major section ofthe
London operation involving recruitment at all levels upto and
including Managerial together with the development and
implementation of employment policies.

Should be a Graduate with at least two years relevant experience. The
successful candidate will have outstanding interpersonal and

rience.The

PROSPECTS:

, .analytical skills, functioning well within a team environment and be
—assertiveand influential-in dealing atall levels. • •

*; Excel lent- this .is a high pressure, high profile role within an
- organisation dedicated to the recognition and reward of achievement

Please contactSUSAN FIRTH in the strictest confidence

FIRTH ROSS MARTOv ASSOCIATES. WARDGATE HOUSE. S9 A LONDON WAUL LONXXJNEC2M OTP. TELEPHONE 01 aS8S«l

1 ) Ross M.irrn

Scottish Enterprise-Foundation

cotyersity of Stirling

Applications are Invited for a Senior Lecturership in the Scottish Enterprise
Foundation basei at the University. The post is sponsored by Strathclyde Regional
Chrndl «nt da Twadi to c

The Foundation and Strathclyde Regional Council have agreed to set up a network
of 3*" M H Business Centres in further education colleges in Strathclyde. The
network will help local business through the provision of managerial and tech-
nological skills. ' ■ . '

Candidates should have experience in enterprise training and be familiar with
the education or business sectors. He/she will be responsible for setting up Small
Business Centres in colleges and co-ordinating enterprise training matters within
tha network.

The' appointment will be for 3 years initially. Salary will be within the scale
£14,700-£18,413 (under review).

Department of Business Studies

LECTIURER

Applications are invited from suitably qualified candidates for this new post created
through the. expansion of the Department The appointee will be expected to
contribute to the established undergraduate programme In Business Studies and
the MBA programme and- win be joining a strong research oriented group lea
hy Professor Tom Cannon and Professor John Dawson. Applicants should preferably
have -interests in teaching Marketing or Personnel Management, but applications
front any area or Budnew Studies are welcomed.

The post is for 5 yean in the first instance and salary will be within the lecturer
scale £7.82J.-£15,522 (under review). _

For both- posts, applicants should submit a curriculum vitae, together with tne
names- of three referees, to the Secretary, University of Stirling. Stirling FKB 4LA.
Tel: 0786 73171, ext. 2314, from whom further details are available. Closing date
for applications .Is 17 March 1866.

Gilt Portfolio Management

Salary negotiable

PosTel Investment Management Limited, investment managers for the British
Telecom and the Post Office Superannuation Schemas, are looking for a competent
professional t» iota the small gilt-edged and fixed-interest team.

The successful candidate would undertake the analysis of gilt-edged and radex-
llnked markets^ deal in . such securities, and .monitor the performance or the Funds
manned. Applicants should be graduates with a high level of numeracy. Familiarity
with the' techniques -of gilt market analysis, and a minimum of two years relevant
experience Is essential.

Please write with full career details to:

Cttve Gilchrist, Investment Manager, PosTel Investment Management limited,

. Equitable House. 48~Klng William Street, London EC4R 9DD

PosTel

Investment Management Ltd

Looldiig f Or 'greater challenges and rewards In 1986?

OCENSED SECURITIES DEALER
TO £60,000 PLUS

SwT£ia at iMrttwo ymea- MpafiahrejMitotlnB awrimaiwrtjb
(occxmbod. marfcata. Hammer. Hum wW» npamne* (a ay. Mint raJaiad
apwns. may bs ewwWawd.

You wW bo wvofklnp for a iJoannd Daalw ki SaeurWw to a«*llanr n»w
City ofHcaa.-Aa part of a -BrataaswAoi ’team. you will ba wortlng whh a
broad product and cllem btao * no. moat importantly, you will ba reword ad

acmnKnv-fo yoacodwt. " • '

PtMm empty In eotrBdonco. MAfAlfftrM CV, to: '

. i. Zv... BW Ma na gfn p Director

' . R . ' SHERlCMM SECUn lines UD

.St Kaiftaflno’a Way. Loodoq El SUN

Appointments

Wanted

. “THE

* ROLLS-ROYCE '

OF HER
BUSINESS!.”

Top loval confidential Setreury/PA
(free la nee) -now hat available up re
20 hours weekly on any regular
basis. Own IBM (golf ball} + port-
able electronic, audio equipment,
etc. Average weakly lea CIS
par hour.

Writ* BOJf AO058, financial Times.
M Cm lingo So an, London ECAP Afff

STOCKBROKERS

PRIVATE CLIENT
SPECIALISTS

We wish to recruit an Executive (s) who can
operate within a. team framework with minimum
supervision. Our business is fast expanding so
the scope for further advancement is high toe
those applicants with a good background know-
ledge of the industry. Preferred age 26-34.

Reply in confidence to:

Ref: RS, P.O. Box 4SR
1 Hanover. Square, London W1A 4SR

BANKING OPPORTUNITIES
IN TWO NEW
PRESTIGIOUS BANKS

W» meok tha following tor loading market makers:—

EUROBOND TRADERS. EUROBOND SALES AND
FIXED RATE DEALERS
Bond sattlamants clarke.

Qualified chartered accountant with experience gained In a
bank for position as chief accountant.

Highly experienced auditor, not necaeearily qualified.
Programmers lor IBM 36.

clients.

Mortgage manager to aet up new department.

Please speak with Elisabeth Haytnrd on 01-377- 8600 to discuss
these positions In oonMence.

LJC BANKING

146 Blshopsgato, London EC2M 4JX*. 01-377 8600

ACCOUNT OFFICER

. e. £16,000

Blue Chip Merchant Bank require a graduate banker
with two years international corporate credit anaiy ala
experience. Working in their international team the
successful candidate will- be responsible for -the>
development of existing business together with
research and marketing to potenti al cl ients with the
emphasis on special financial packages. — • -

For further details please call

Mike Blundell Jones on
01-236 U13 (34 Bonn)

POBTHAN RECRUITMENT SERVICES

PoktmaN

LONDON BRANCH
OF MIDDLE EAST BANK

requires

Senior Foreign
Exchange Trader

Age 22-30, with at least 4 years* experience of spot and
forward trading in an active bank in London.

Salary from £23,000 plus car and bonus potential.

Deposit Trader

Age 21-26, with at least 2 years 1 experience in an active
trading environment

Salary range £15,000-£18.000 with bonus potential
Both positions carry the usual range of banking benefits.

Applications giving fun details of background and
experience will be treated in strictest confidence and
should be addressed to:

Boar T2-372, RevneU & Son Limited.

2 Station Road, Epping, Essex CM IS AHA

YOUNG GRADUATE

with Computer Experience
£9-13,000

A small, rapidly-expanding Currency Risk Management company is
looking for a young graduate, 21 - 26, to undertake software
development and research in portfolio management. The successful

candidate will be familiar with FORTRAN, PASCAL or BASIC and
be prepared to work in an unstructured environment to demanding
deadlines. He/she should expect to move into a role with dealing
responsibilities and client contact.

The salary package is negotiable according to age and experience and
includes a non- contributory portable pension scheme and life
assurance. Prospects are outstanding for the right person.

Write, enclosing curriculum vitae, to:

Leslie Halpin, Director

N.P. Record Ltd.

Professionals in
Currency Risk Management

Geoige V Place, 4 Thames Awooe,
Windsor, Berkshire, SL4 1QP

Lloyds Merchant Bank is seeking Dealers with proven ability to cover the
following sectors: - -

-U.S. Dollar Straights
-ECU’s

-Euro-Steriing (experience in Bulldogs essential)

Salaries, conditions and additional benefits will be based cat length of experience
(minimum two years).

Applicants should apply in writing enclosing curriculum vitae to:

Lloyds

Merchant

Bank

RNDowier
Senior Assistant Director, Personnel
Lloyds Merchant Bank Ignited
40-66 Queen Victoria Street London EC4

Acccountancy Appointments

Successful, expanding group seeks a commercially minded

FINANCIAL EXECUTIVE

London

c £23,000 + car

The St Ives Group pic, which is engaged in the production of magazines, books
and brochures, has an outstanding record of profits growth. Following its Stock
Exchange flotation last September, St Ives doubled its size in December by an
agreed offer for the leading book printer, Richard Clay. As part of its programme
of continuing expansion, the Group now wishes to strengthen its central
finance team.

The successful candidate will cover a wide range of responsibilities including a
computerisation exercise, group accounting and statutory duties, and sharp-
end involvement in operating companies' performance. There are excellent
prospects for progression either at group level or to a financial directorship in a
subsidiary.

Applications are invited from Chartered Accountants, preferably in the 35-40
range with relevant practical experience in a small/medium sized business
environment.

Please send a comprehensive career resume, including salary history and day-
time telephone number, quoting ref: 2362 to G J. Perkins, Executive Selection
Division.

Touche Ross

The Business Partners

Hill House 1 Little New Street London EC4A 3TR Tel: OV353 8011

A

AN EXCELLENT CAREER OPPORTUNITY

. . FOR A YOUNG, AMBITIOUS . :

FINANCIAL ACCOUNTANT/ COMPANY SECRETARY

We are a rapidly expanding UK based oil company with international
ambitions currently specialising m oil and gas exploitation in the USA.
The company is listed on the London Stock Exchange.

To cope with oar rapid growth and ambitious corporate development plans,
we are seeking a young, ambitious accountant, preferably with experience
in industry, to take over the accounting and company secretarial functions
of our small Head Office in London. It is also preferable, but not essential,
for the successful candidate to possess computer skills.

The main duties of this position, which reports directly to the Financial
Director, are as follows:

it Preparation of bolding company financial accounts,

★ Preparation of consolidated management accounts.
it Financial analysis of subsidiary operations.
it Management of company secretarial functions.
it Assist in preparation of long-term financial plans.
it ‘Ad hoc* financial analysis.

This Is an excellent opportunity for an ambitious self-starter who can fif
into a small, tigbUy-knlt head office team. The salary package is negotiable
and will be made attractive to ensure that the correct calibre of person
is recruited.

PLEASE WRITE TO BOX A0057, FINANCIAL TIMES,

10 CANNON STREET, LONDON, EC4P 4BY.

Financial Accountant

Subsidiary of a Major US Investment Bank
AGE:25-30 Salary : c. £22,000 + Bonus + Mortgage
West End

THE COMPANY is newly established and geared to become a lender in the highly
competitive Home Loans market Strong backing comes from the parent, a major force in
Investment Banking with a reputation for commercial flair.

THE ROLE is to help set uj> the accounting function— responsibilities will include
Cash-Management, Financial Accounting, Management Accounts, development oflntemal
Controls and the development of a new computer system to cater for the projected growth.
Reporting to the F inanc ia l Controller the appointee will be responsible for one qualified
accountant and two accounting assistants.

THE CANDIDATE should be aged to 30- Qualified Accountant, preferably Chartered,

must possess the personal qualities of energy, enthusiasm and ambition combined with first
rate technical knowledge.

OPPORTUNITIES are excellent for specialisation or movement to other areas ofthe
company as well as the later opportunities in Ba nki ng within the parent company.

Please write, enclosing career details, or call Susan Firth in (he strictestoonfidence.

VPrnt ROSS MARTIN ASSQCTATBS.WARPCaTCHOU 5E.S9A LONDON WALL.1J0KD0WSC81I Sill TCLSPKtBJEflte2834lt

• ii r! i Ros>> \1anii:

APPOINTMENTS ADVERTISING

£41 per single column centimetre and £12 per line
Premium positions will be charged £49 per single column centimetre
For further information coll:

LOUISE HUNTER on 01-248 4864
or

TREVOR PUNT on 01-236 9763

Accountancy Appointments

Business Planning
Manager

London

Our client is one of the country’s largest
and most prestigious corporate
organisations with £muhi billion assets
and revenues and with annual capital
expenditure approaching £1 billion.
They now seek a Manager — Business
Performance and Planning to be
responsible to the Controller of
Financial Resources.

The prime task is to develop further the
procedures for establishing short term
budgets and medium term plans. This
will require a comprehensive pattern of
manage ment reports to appraise plans,
monitor performance, both fi nanci a lly
and technically, and control cost-The
work will involve dose co-operation
with both production and construction
management, the control erf a small
qualified rater-disciplinary team
and the use of extensive computer
facilities.

to £30,000 plus car

Applicants, preferably aged mid to late
30's and ideally graduate FCAs or
MBAs, should be mature, commercial
business t hinker s. They should have
CT cdi ent presentation skills and should
have extensive corporate planning
experience in a construction or heavy
en gineering context The salary wifl be
up to £30,000 per annum, plus car and
usual benefits. This large ami diverse
organisation offers a wide range of
promotion prospects.

Please write, in confidence, with full
career details, quoting reference 6025 IL
to John W. HiUs, Executive Selection
Division, Peat, Marwick, Mitchell &
Co., 165 Queen Victoria Street,
Blackfnars, London EC4V 3PD.

IS

PEAT

MARWICK

FINANCIAL

CONTROLLER

A Financial Controller
is required for a new
international wine mar-
keting company which
will be based in the
historic Cotswold town,
Cirencester, with effect
from April of this year.
The successful applicant
is likely to be aged
between 30-50 years, will
be an F.C.A. or eefi va-
lent and will probably
have had some experi-
ence in a FM.C.G.
company. Knowledge of
French or Italian langu-
ages would be an
advanage.

Salary range £20,000-
£25,000 according to ex-
perience. Company, car
together with benefits
package.

Applications zoith full
personal and career
history to:

Rexmanor Consultants
Yan worth House
Y&nworth
Nr. Cheltenham
Glos GL54 3LQ

Systems Development & Control

management of change

c£20,000 + mortgage etc.

Central London

Wfth the introduction of major now systems our
substantial financial services efient needs to strengthen

its control function in one of its largest business areas.

This is an important position coordinating development
of new accounting systems with control of existing

ones. Emphasis wifl be on development, appraising

new systems to ascertain feasibility for

further application and designing

special end user systems.

Lloyd
Management

AppBcants should be qualified accountants aged
C28/35, strong communicators with systems
experience, preferably gained in the financial sector.
Career prospects in this wel known group are

extensive.

Please write with fuB career details
and day time telephone number to
David Tod BScFCA
quoting ref: D/387VWF. .

125 High Hotborn London WC IV 6QA Selection Consultants

01-405 3499

coricxio

Join Us
at the Start

As established international market leader in die offshore oil industry, COFLEXEP both manufactures and installs
flexible subsea pipelines and riser systems. Its headquarters axe in Paris and it already has a prominent UK
presence. It has enjoyed s ig n i fican t expansion nuecentyeaxsandhas now created a number of new key London
based appointments that will play a major role in the Company’s future growth.

Management Accountant

Producing monthly management accounts and other
financial statements, you will create and administer
the Company's budgeting and management control
systems. You will be responsible far the installation,
and development of comp ut erised forecasting as a
management tool both for the project teams and the
company generally.

Aged under 30 and an ACMA, you are keen and able
to accept increased accountabilities in a short period
of time.

Financial Accountant

Responsibilities will include creating and
implementing all accounting procedures to comply
with TJX fiscal and statutory requirements, develop-
ing and administering the Trea sury and Cash
Management functions and supervising a small
accounts team.

Probably aged under 30, you axe a Chartered
Accountant with at least three years industry related
experience. You axe ambitious, outgoing and fully
confident of your ability to succeed and excel.

In bdth cases a knowledge of French is advantageous.

The posts are based at tee company’s new UK headquarters in West London. An excellent and highly cranpetilive
benefits package is available, including relocation as necessary.

In flie first instance and in complete confidence, please ring or write to John Diack or Liz Davis of Gripps,
Sears and Associates limited, Personnel Management Consultants, 88/88 High Hdboxn, London WC1V flTJT.

Tel 01-404 6701.

Cripps, Sears

Financial
Controller

HE. Loudon c £25,000 + car

Expanding manufacturing group, a PLC which is a
market leader in its sector, seeks a Financial
Controller to be responsible to the Managing
Director for overall control of finance and
accountancy. Preferred age 33 or above.

Candidates will be qualified accountants with
board potential, who are presently senior financial
executives in significant profit centres in
manufacturing industry. Experience of financial
planning and EDP development is required and
TYeasury involvement would be useful General
management is a medium-term prospect* Re-
location assistance available.

For full job description write in confidence
to W.T. Agar at )C&P, Selection Consultants,
104 Marylebonc Lane, London \V 1M 5FU, showing
dearly now you meet our client’s requirements,
quoting ref 2239/FT. Both men and - women
may apply.

JC&P

••••JoJmCourtisandftLrtneis###®

Capital Markets

c£25,000

A leading US Investment Bank currently requires
ambitious young accountants to join their expanding
Capital Markets Support team.

They are also seeking a senior accountant with banking
experience

Individuals must be self-motivated, have analytical,
enquiring minds and be able to liaise with other team
members and trading staff

This represents an exciting opportunity for career

i at a tune of significant changes in London's

progression ;

financial markets

For further details please write or telephone in strict
confidence quoting reference SM1492.

Rochester Recruitment Ltd,

22A College Hffl, London EC4R 2RP
TeL* 01 248 8346 (0932-220151 Eves/Wkends)

Vi

GROUP FINANCE
EXECUTIVE

London Airport-Gatwick

and substantial benefits .

Continued development of this
airline dominated group has resulted in the
need to appoint a senior executive at
corporate headquarters. Responsibilities
will be varied and include the management
of the group finance function and in
particular the review of possible
acquisitions, tee negotiation of major
teases and similar activities.

Applicants should bfeChartered
Accountants aged between 30 and 35, with
experience gained at tee top-level,

preferably in tee financial services sector.

This post offers prospects of
substantial advancement

Salary is negotiable and is likely to
exceed £30,000.

Please write in confidence to
MJ.B. Ping, enclosing curriculum vitae
and quoting reference F/1 26/R at
Ernst & Whinney Management Consultants,
Becket House, 1 Lambeth Palace Road,
London SE17EU

British Caledonian Group pic

Planning & Acquisitions

Thames Valleg

At the forefront of technology in a number of
fields our efient is commfttad to ex p an sion
by further developing existing businesses
and by acquis i tions.

An ambitious graduate accourtani with up
to two yeas post qualification experience is
sought for a creative rote in &s smafl, high
calibre corporate planning team.
Emphaa'swiBbeonfifftheracqitettions-
Identi fi cation, appraisal and post acquisition
review. Further non routine weak wffl Include
group planning and perform an ce review,
advising on all financial aspects
of its activities and
presenting special

c£18-20,000

125 High Ho'born r London WC1V 6QA

oy

Management

reports to the board.

Writing closely with senior management of
afl discipfaes. this is one of the most
exciting and re wa rding opportunMes
currently av^tebte for talented young
accountants. It is a proven route to
fianandal and general management at
group or Si&skSary level

Assistance wffl be given to relocate to this
attractive area whfchts withai easy
traveSng tfetanoe from London.

Please write with tuD career details
or telephone David Tod BScFCA
On 01-405 3489

quoting ref W398WF.

Selection Consultants

01-405 3499

4 \fears Rost
Qualified Experience?

TUNBRIDGE WELLS £20,000 PACKAGE

This is what we call a unique opportunity!

Our client, a quoted property PLC which has recently doubled in size'
through acquisitions is specifically concentrating its resources in the rapid
growth areas of private health care and sheltered housing.

Ideally, we wish to recruit an ACA/ACCA from commerce or Industry
who has combined sound financial accounting skills with aproven track record
as a Company Secretary.

As Group Chief Accountant/Company Secretary you will he expected to
contribute positively in such areas as tax planning and company acquisitions.
However; your most immediate responsibilities will include the design and
implementation of a new company pension scheme, and assisting in the
installation and management of a new multi user computer system.

It is the beginning of a dramatic new stage in the company’s development
which dictates that this role is a considerable career opportunity!

If you possess the necessary personal qualities and technical abilities,
please apply in writing or by telephone, to Marieine Kay.

Accountancy

Personnel

Vh^fkux04arts first

6 Glen House, Stag Place, Victoria, London SW1E SAG
Telephone: 01-834 0489.

Financial Director

CAREER

OPPORTUNITY

USM PROSPECTS

£27K

plus benefits.
Company car,
bonus,
share option
scheme.

Our eonpanyls a progressive and fea expanding independent company ' “

operating in the fields of communications and publishing. We have HWia number
of national raport awards, having displayed exceptional
years, and are on course m seefca USM placement within the next two wars.

As part of the company's continuing development plan we now wkh in
appoint a financial director whoan play a hill and active role in the compattfs -
strategic planning and who will be responsible for the entire accountitu? and
management Information requirements.

A high depee of commercial flair and first hand knowfedoQ of cemoot^
based systems Is essential. Other requirements Include a stiWtrack record
in financial management piwen commercial experience, as wSl as an
understanding of international business.

candidates will be qualified accountants with fim da® trainina. a
is preferred, and aged between 26-35. This position will appeal^ ”
with outstanding ability who wish to use their drive and initiative tothe
ft represents a genuine opportunity to contribute ta and be rewarded bit sure***
in a dynamic environment. Other rewards include a salary of £27 k a commiw

personal details to-. BOX NO- A0053. —rar, sauryaiM

Fin an da] Times. 10 Cannon Street. London. EC4P 4HY

Financial Times Thnrsday February 20 1086

N'

Accountancy Appointments

Banking and Finance Sector

Financial Management Consultancy

CSty Based

PeaL Marwick, Miitiiell&CoL. Is one of the wockFs

W)W firms of ac c o omao ts naiwymiy f cn poihpnt K
with over 350 offices throughout 100 countries. W: have
ajxe-enmientposnkmworid«ide,aiidesf)eddlyaitfae
UK. m the provision of accounting, tax arid consultancy
- services to tfae financial sector.

^tevefitmly estrffebedoarsdivss at the forefoot of
tt« financial seaor.haying gained a reputation for high
jKofr^onal standards in our work for leading, financial
organisatfonsacn^ tfae wch^ With demand for our
services in tbis area increasing rapidly, we now wish to
appoint several gemot a^Awntrngp»rrfwaar»iafc tr>
augment our experienced Banking and Finance Group.

as a coosolinnl is varied and challenging.

It indodes analytical and problem solving studies,
evaluating and nnpkanetHiBg complex transaction
gOTttffmgaaj accounting systems, developing

PiaMyrontinED nPatiOO anH psta Mkhing
effective financial control procedures. There are also
opportunities to partkipare in business strategy,
organisation ana operation studies. The events range
from small, single location securities companies to
major banks aDd finanrial insritutions with large branch
networks.

Competitive Package, including car

Aged between 28 and 35 with a recognised accounting
gratification, yoo wfll have had a snccessfa] and
p mgie s si v e carger <o date and h»w»g^m«H g«per;w»r«
with banking, stockbrokmg. building societies or credit
card organisations. Of prime importance are excellent
verbal and written skfUs, initiative and seif motivation,
the ability to adapt quickly to new environments together
with the personal qualities required when dealing with

Career opportimiries within our fern are exceptional for
high calibre individuals — promotion and salary
pro gre ssion can be rapid and opportunities exist to work

overseas. Yoo will be encouraged to develop your own
h wa i eg awareness and technical to die fad, and to
take an active part in our development and growth.

Please wrae m confidence to M. HoukUn, Peat, Marwick,
MdchettA Co., Management Consultants,

1 Puddle Dock, Blackfriars, London EC4V3PD.

LECTURER

rm- ■

ACCOUNTING

Applications are invited for (be
above post. The University runs
a “recognised" degree course in
Accounting and Financial
Management The person
appointed will be a qualified
accountant with a good first
degree. -

Salary accenting to age and
experience- USS.

m

PEAT

MARWICK

ACCOUNTANCY
APPOINTMENTS
APPEAR EVERY
THURSDAY

Rate £41 per single
column centimetre
pins VAT

ACCOUNTANT

City of London

£17,500-£25,000

This is an exceptional opportunity to join a highly successful Lloyd’s Broking Group
offering good career progression to die person taking a positive approach to this job.

Candidates must demonstrate the
capacity to plan and organise the work
of 30 staff handling day to day

financial and Kiirinx« arrrawnnf fa a

computerised environment. This
indudes cash Bow management and
credit control. Managerial ability and
strong inte rpersonal skills are more
important than experience in the
insurance sector.

Candidates, figed 25-35, who are
professionally qualified may be
working in Industry, Commerce or the
Profession, although a purely Audit
background is unlikely ro be
appropriate;

Please reply in s t rictes t confidence,
submitting a full CV, to: JMF Dixon,
Houghton Sanderson Associates Ltd,
41 Easrcheap, London EC3M 1HX.

Honghton Sanderson Associates Ltd.

Management Consnttants

Financial Director Designate

l Kingston, Surrey J

|C £27-30,000 + car + share options |

A leading pubTsherand wholesaler
of computer software and books, with
turnover fbrecastto reach £5m next
,yeaq now seek a highly motivated and
business-trended accountantto work
closely with the Managing Dfcector in
achieving ambitious growth objectives
which Jnciude a USjM listing and
European expansion.

Specific tasks in this new
appointment wffl include; establishing
effective management accounting.

flow fbrecsstingicontract negotiations,

fund raising and acquisitions.

Candidates wffi be qualified
accountants, probably In their 30's,
who have the commercial awareness
to contribute effectively to a broad
range of business issues in a small
team environment Technical
requirements include hands-on
microcomputer experience plus a
working knowledge of VAT and a broad
understanding of tax. Experience gained
in the publishing, leisure or retail sectors
WQuttbejdeal. ...

Thiswitf be a stimulating rote In a

company with considerable potential
and represents an opportunity to make
a significant personal contrtwtion which
wfll be rewarded with an attractive safety
share options and an early d rectorship.

Candidates should write enclosing
a full CV and quoting reference
MCS/2028to: Milton Ives
Executive Selection Division
Price Waterhouse
Management Consultants
Southwark Ibwen ...

32 London Bridge Street
London SEL9SY

Price Waterhouse m

LONDON TAX SPECIALISTS

1986 has started with a high emphasis on Tax appointments. London practices in particular axe
recognising the need to consolidate growth in 1985 with well planned development in 1986. This is creating
career opportunities at senior levels for tax professionals with drive and ambition. The following are just two
we are currently tianitiing W T/w^nw practices.

TAX/CX5MMERCIAL PARTNER
TO £80,000 Ret 5938

Qnr client ia a forward thinking medium sized firm of chartered accountants with a positive approach to
co ntinu e d Hnr«>l< ynmnt

They now seek an additional partner with a strong Tax/ Commercial bias and good management skills. A
sound background is essential for servicing rtinnfa and capitalising on new b usine ss opport u nities.

Preferably a qualified ■»-»>.§ the successful candidate will have a good tax or general practice

TAX PARTNER DESIGNATE
TO £45.000 Ref. 9800

We are retained by a mediu m sized chartered accountancy practice who, having developed tfrar tax
portfolio considerably over die last three years, now wish to recruit to facilitate further expansion of fa^Hnn
services.

This pl an opens up an exciting opportunity for a young specialist with experience gained in either
practice, tax education or the Revenue to a posi tiv e «»h-ihnKnn to the practice.

Currently . expec ted to be e a rning at least £20,000 the suceasafulcandEdata will need a creative and ■■

ambftjons approach touBVaml exfaHwg rfemt wnrV

AU ap plicati ons will be hand l e d in the strictest confidence, and nhn»> 1 d be addressed to
Hazel Webber BA at oar L on do n address, quoting the respective reference — — —

Executive Search and Selection Consultants

BnnaNGHAH t CAWB¥iGMSGOIV,UEDS,lONDOti.MANCt&57ZB,NEWCASTLE,SHB : FElDandWINDSOK

Finance Director

Dagenham

Mite 325,000, car, profit share, share option
This is an exceptional opportunity to make a direct contribution to the
development and profitability of a small, well established unquoted
company with institutional share holders.

Within easy access of London and die M25, the company is a warl d leading
manufacturer and supplier of photographic products. Tbis senior position
will be totally responsible for the finance function, with special emphasis
on tight cost control, financial planning and the management of
computerised systems. Working closely with the Managing Director, die
successful candidate will participate in strategic planning for the future
expansion of the business.

Candidates will probably be aged 28-36, be qualified, ideally having a
university degree, and lave experience within a cost-sensitive
manufacturing environment.

Merchant Banking

City c £18,000 + excellent benefits

Incorporated in the UK in 1 975, our client’s volume of international
loans, notes and bonds exceeds US $300 billion per annum. Increasing
status, particularly in the primary market dictates the establishment of
a new function.

Reporting directly to the Managing Director, the brief is to develop
internal procedures and controls to ensure secure operational and
accounting systems to audit standard. Thus a qualified accountant aged
25/30 years with experience of banking and in particular the Eurobond
market will find this a challenging start to a longer term career.

In addition to a negotiable salary, the excellent benefits include twice
yearly bonus, mortgage, personal loan facilities, BUPA and non-
contributory pension.

Write with fall CV and daytime telephone number, quoting ref.
FT/93 to Patrick Donnelly.

The Finance Index

Financial Recruitment Consultants
1 1 Palmer Street London SW1H OAB Tel: 01-222 5169/1181

Young Accountant

CAPITAL MARKETS CITY MERCHANT BANK

Salary cJE20,000 + Bonos + Banking Benefits

Our client the progressive Merchant Banking arm of a leading international b ankin g

pat ^ilar ly within the Capital antTMon^^arketsectors. This has led to an increase in the
range and complexity of transactions, creating a challenging opportunity for a youog Accountant
to develop improved support functions.

Thisnewrole assumes immediate responsibility for the introduction and development of
additional Capital and Money Markets acmunting^xxrtmgsystems. This will involve close
liaison with Dealers, Settlement and Accounting Staff

Candidates wiflbeyotmg (24-28) highly self-motivated Accountants with some exposure to
fin ancial institutions (either within an audit capaci ty or directly i Excellent interpersonal sk ills ,
together with a strong analytical and problem solving ability, will ensure accelerated career
development within this entrepreneurial environment

For further information please write, enclosing career details, or telephone SusanRoss.

F7HTH ROSS MARTIN ASSOCIATES. WARDCATE HOUSE SPA LONDON WALLXONDON ECyMSrPTEIXPHOXEOl.ffiBSW

Mami-

A

'25 H'on Holbom London WCV 5QA Selection Consultants , -D-1'405 3459

f EISMiWilsi

BuScftig society

invites applications for the position of

SYSTEMS ACCOUNTANT

up to £18,000 & car

This » a new position hated at the Society’s Head Office
in High Holbom. It offers an excellent career opportunity
to a highly motivated, qualified accountant aged under 40
with a minimum of 3 years' professional auditing experi-
ence and an in-depth knowledge of diverse computer
systems. The person appointed will be called on to
research and develop improved accounting " real-time "
computer systems to operate throughout the Society and
particularly in the treasury area. He/she will represent
the Treasury Division at project meetings with other
departments, participating in conceptional design of highly
sophisticated accounting and management information
systems for the future. The work will involve travel
between London and Swindon Computer Centre.
Commencing salary of up to £18,000 per annum within a
range which Hses to £21,000 (including London Allowance)
chrough annual performance increments. Conditions of
service include BUPA membership, four weeks four days
annual holiday and staff restaurant. Concessionary mort-
gage facilities are available after 3 years' service. Generous
assistance with relocation expenses will be provided where
necessary.

Those interested in responding to the challenge presented
by this new pose are Invited to telephone 01-242 8822
Extension 3581 for an application form. The closing date
for the return of application forms is 10th March 1986.

R. N- Wharton, Redruionent Manager,
Nationwide Building SoHety.

New Oxford House, High Holbom,
London WC1V 6PW

An Equal Opportunity Employer

FINANCIAL ACCOUNTANT

c£14k Woking, Sy.

With staff of 7. for Head Office of highly profitable Company,
designing, manufacturing and exporting to 50 countries.
Early promotional prospects and generous benefits. Phone
or write In confidence. Ref TD69.

MICHAEL QUEST ASSOCIATES.

569 Chiswick High Road, London W4 5RS-
Tel: 01-995 3246/7 or 01-995 5252

Financial Times Thursday Fe bruary 20 1988

Accountancy Appointments

Right now you may be a manager, assistant manager, or supervisor:
When you consider die immediate prospect of earning up to £30,000
and die opportunity for rapid development to Partner, it's hard to ignore
the fact that you could well go further, faster, as one of our valued tax
advisory team.

You'll be in an influential position, servicing your own group of
clients. Whatls more, roughly 70% of your work will be tax and business
consulting - an area providing interest and continuous intellectual
challenge.

In terms of training, you'll find our commitment to your development
is second to none. We devote time, effort and expense to meet your individual

requirements.

As for our requirements, we're looking for business-minded chartered
accountants in their 20s and 30s, who are keen to work as part of a cohesive,
friendly team constantly excharging knowledge and ideas. You will be able
to obtain the very best from your own ability and find real job satisfaction.

We believe that the opportunities in tax with Arthur Andersen are
exceptional Why not see for yourself by spending time with us, talking to
a cross-section of our team.

As a first step to an
opportunity that's not just better,
but better by far, why not write to
Faith Jenner, Divisional Personnel
Manager -lax, Arthur Andersen.
&" Co, 1 Surrey Street London
WC2R 2PS, or call her on
01-438 3517.

Arthur

Andersen

&&

OFFICES IN ABERDEEN. BELFAST. BIRMINGHAM. BRISTOL.

CAMBRIDGE, CARDIFF EDINBURGH. GLASGOW.
GLOUCESTER. LEEDS. UYEAPOOL.iaNDOFlMAMCHE5TO.
NEWCASTLE. NOTTINGHAM. PRESTON AND READING.

/

(OH

c«£ 25 ,ooo + C^ & Banking Benefits

This is the Group Fihendpt Accounting Mandgemerit'positiOTt m a majorTJK
-banking and'financial services organisation. The manager. Will be responsible -
for UK and SEC statutory accounting,, monthly management accounting and
consolidation of short term forecasts. There is a small department of accountants
and support staff to manage and there will be a need to take an active part as the
user in specifying new computerised systems. .■

Applicants must be chartered accountants with, relevant current
experience of consolidations and financial accounting for a major international
group. Banking/financial service experience would b© a. major advantage. A
personal style which includes -a positive attitude -towards problems and spuna
management skills are essentials.

Age guideline 28-35. Location -Gty.

Please apply in Confidence quoting ref: L22T ta:

Financial

Controller

EXCELLENT PROSPECTS

UXBREDGE

W. S. Try (Holdings) Limited Is a long-established construction
group with an excellent reputation for its high standards.
Following recent restructuring and the strengthening of its
management team the group is well placed to continue the
expansion and development of its well-established business
base.

The need now is for an experienced Financial Controller
whose initial task will be to spearhead the design and
implementation of improvements to management information
and control systems throughout the group.

We are looking for a commercially-orientated, qualified
accountant who must be experienced in the preparation and
interpretation of budgets, management and statutory accounts
and in the implementation of information systems.

This is a key appointment in our head office team which will
provide an opportunity to become involved in the commercial
aspects of running the business. The appointment carries a
good salary together with appropriate fringe benefits. Career
prospects in this growing group of companies are excellent.

In the first instance please write, giving appropriate details
in confidence, to:

The Company Secretary
W. S. TRY (HOLDINGS) LIMITED
High Street, Cowley, Uxbridge
Middlesex UB8 2AL

Company Secretary

(Designate)

Circa £ 25 , 000 p.a.+ Car

- Retailing is one of the fastest-moving businesses in the world: its demands
are considerable. A group of companies within the Sears organisation, one
of the world’s largest retailers, is now looking for a Company Secretary
designate to replace the present incumbent who will be retiring in two years'
time. The group includes such well-known names as Selfridges, Lewis's,
Wallis and Miss Selfridge and is amongst the most successful retail .
organisations in theU.K. today.

Besides the usual legal and statutory matters, the Company Secretary
is responsible for insurance, property leases, copyrights and trade
marks, and is also involved with pension schemes and agreements with
various concessionaires.

The successful candidate will be an experienced negotiator and a good
manager, possessing sound business acumen combined with a sense of
urgency, which is such a feature of the successful retailer.
Candidates should be oyer 30 years of age, legally qualified and should have
commercial experience, preferably with a large retail group. The position is

based at Selfridges, Oxford Street The scope and seniority of this position
will be reflected in an appropriate remuneration paelc^e.' ' * '

Please apply to Mr R N Stephens, Managing Director, Selfridges Limited,
„ 400 Oxford Street, LohdonWlAlAB.

Brian H Mason
Mason & Nurse Associates
1 Lancaster Place, Strand
London WC2E7EB
Tel:OI -240 7806 .

Mason
& Nurse

Selection & Search

u

Assistant Taxation
Manager

Solihull

UP TO £20,000 + CAR

3i provides long term investment capital as well as advice
to businesses of all types. We usually becomeinvolved with our
customersattriticdpoinix^th^geihdiedevri^Dnratoftfaekj--
business - perhaps at start up, major expansion or througjr

management buyouts^ - , y. + r ;

We have a vacancy for an Assistant fexadon Miaiagri. -
Candidates should be experienced in corporate tax compliance
work including negotiating With ltisp<^!tarxQiTa7ccs^Somesiinilfr
experience in the persona] and VAT fields is also neoKsary. '

Applicants must be capable of expanding the job so as to be
able to assist inthe tax planhihg of chi GfoupVafiairsand in providing

advice to management. .. -j ' ' 1 -.

If you are a qualified aocountantwidi at least five years’

THERE’S NO PLACE LIKE IT.

SELFIUDCIU LTD.OJffORD STREET. LONDON W1A 1AB.TELHPH ONE. 01 4 19 DM.

we would like to hear from you. Alterriadvriy caridhdatesmay be
mrixibersof

Our attractive financial sector package includes a company
car, profit sharing, a amcesaonary mortgage scheme, free medical
insurance and a non-contributory pension scheme.

Interested? Please contact Jo Dean, (.’tv: ■

Personnel Manager on 022 704 5181 or

01-928 7822. *■%**>'

Investors in Industry pic,

91 Waterloo Road. London SE1 8XP. " . Iff

CONTROLLER

CHESHIRE

c. £20,000+ car and benefits

We are a small rapidly expanding division of an
international company distributing FMC products in the
UX. and Europe: Reporting to the General Manager and
VP Finance, you will be a member of a young energetic
management team. Responsibilities will cover aU
financial/ management accounting and control systems
development.

Ideally you should be aged 30-40 years, fully
qualified and with the broad experience gained in an
international industrial or distribution company.

Please send full career details together with C.V. and
home telephone to FT Box No. A0059, Financial Times,
10 Cannon Street, London EC4P4BY.

interviews will be held in London week commencing
March 3rd.

COMPANY ACCOUNTANT

REINSURANCE COMPANY

Salary circa £30,000 per annum plus benefits

Our clients, a well established and highly respected American Reinsurance Company
are seeking to recruit a Company Accountant/Secretary for their new United
Kingdom operation, based in London

The selected Chartered Accountant should have extensive practical experience
of financial and management accounting, within an Insurance or Reinsurance
environment and be capable of producing D.T.L returns In accordance with
Government Legislation.

In view of the executive status of this position, it is essential that the appointee
has leadership and motivating qualities, be technically sound and Lave the ability
to communicate at all levels.

A high salary package is envisaged for this exciting and challenging appointment
Age range approximately 32/45 years.

Please forward a Curriculum Vitae at the earliest opportunity and in strictest
confidence to: Trevor James FECI, Chairman

INSURANCE PERSONNEL SELECTION LIMITED

IJmxls Avenue Hoi'.sc fS Liovtts Avenue London fXA.VAEN

The creative use of money.

tjlv ftggB-a

VENTURE CAPITAL

INVESTMENT MONITORING AND REVIEW EXECUTIVE

Centreway Development Capital Limited a leading business expansion scheme
iFftiitne house provides finance for growing companies. Through the management
of our business expansion schemes and prospectus offers for subscription, more
man £5 minion has been invested in the past 2 years. Our growth rate will take
this figure above £10 million within the next year.We are now. seeking to make a
further key appointment to our management team. "

Our performance and strength in the marketplace is" based on commercial
experience and professional expertise. The investment monitoring and review
executive will become immediately involved as a post-investment specialist with a
lively portfolio of BES companies. You will be joining the executive teams as our
representative with a pro-active job remit You will be demonstrably competent
ana capable of earning .respect from a challenging peer group. Your experience
will be both financial, you will be a qualified ACA/ACMA, ACCA or CIS and you
will have had managerial responsibility. The position will be most suitable for
someone living in the London or Thames Valley area. The remuneration package
will be based around £18,000 per annum plus car and in addition, our executives
participate in a profit related bonus scheme.

Write in confidence enclosing your C.V. to Roger Storey, Mana ging Director,
CDC Limited, 87 Jermyn Street, London SW1Y 6JD.

FINANCIAL and

MANAGEMENT ACCOUNTANT

Our clients are a small but rapidly expanding company in
the Cosmetics Industry and they require a qualified
Accountant to be wholly responsible to the Directors for
developing Financial and Management accountancy systems,
budgeting control and cash forecasting.

Practical experience of Introducing computer systems is

essential.

Salary circa £17,000 p.a.

Write or telephone:

Dias, Postlethwaite & Co
Chartered Accountants
105/107 High Road, Soath Woodford
London E18 2TP
01-505 3355

Centreway
Development Capital
Limited

iypw and size erf

expanding division erf □ successful, medium sued C3y
based-practice of Qxxiered Accountants. Fee income
hes doubled m two years aid the rate of growth is
planned to continue. Assignments ans brcxxfiy based,
often involving system recommendations and
impleroerttation, feaskffity studies, end monitoring
ond control exercises, fur ding applications, and
i wesfig otions faro wide voriety of smaller
ertfreptweyria) companies, larger industrial and
commercial entities and the public sector. Cfienis are
based predominantly in London and the South Bast.

_ Demand for our services has created the need far
senior Management Consultants to ioin foe team.

You will be given full respond Wfy for a range of
assignments commensurate with your background and
experience. You will be given as much autonomy and
responsibility os yaw aWitjes demonstrate you can talaL

“^.Possess the experience and
fftejedod agBrfy tended avatiwI^S^SicoHy wtf,

PWSOIKJ attrfc^es ind^prafesrioniilEm, erthutiann
«td Ihe obffit, to set deadlines and achieve Cum.

tai Towwioq, Manqgar-l l ecn Bfwid.

age Home, 2 Fr —

> torso*

T 25 hUgh Hoiborn London WCtV 6QA Selection Consultants

financial Times Thursday February

Accountancy Appointments

m

i s

ANTICIPATING
CONSTANT CHANGE

The addictive challenge of
Management Consultancy.

"TOUCHE ROSS hat tang b««n edteMebed a* a substaatM ftmof
I cha it sf ed accoi intonte, but wore recently It ha« also emerged as

Last year alone, this aspect of our operation experienced a
growth /ate of around 50% and our ever increasing client list makes
absorbing readfng, embracing local and national government, multi-
national corporations, financial Institutions and a multitude of
small businesses.

The professionals that join uses Management Consultants reflect
this unparalleled success and play their IndMdual roles in helping
solve often complex problems emanating from every aspect of
businessttfe.

Our interdependent teams are endowed with the Intellectual
prowess to negotiate the hurdles of strategic planning, feasibility
studies, pr oject appr aisal and organisation studies.

And In the Info rma tion Technology area they Involve
themselves with computer, strategy selection and
systems stucDes.

It Is an environment of. constant challenge,
change arid achievement. Where people committed to reaching
the top of their profession dev e l op and thrive along career paths

already showing evidence
of strategic self direction.

Our growth creates
a continuous requirement
for people with a good
first deg-ee am! appropri-
ate professional qualifi-
cation In economics,
accountancy computing,

Industrial marketing, engineering or personnel. An excellent training
programme aided to the wealth of knowledge already available
from more experienced colleagues will help ensure your success.
Exceptional men and women are progresssing to partnership In
3-4 years.

Salaries are open to negotiation and will not
present a barrier A company car Is also provided.
So, If you meet our profile, and would like to be based
In London, Manchester or Glasgow please write or
telephone Immediately and in absolute confidence to:
Michael Hurton, (Ref. 2354), Touche Ross & Co, Hill House, 1 Little
New Street, London EC4A3ra/fek 01/353 8011.

Head of Insolvency

City based

We are a major firm of chartered accountants who, during the last two years,
have successfully established corporate finance, investigations and management
consultancy as separate specialist services. We are now setting up an insolvency
practice and are seeking an outstanding practitioner with extensive receivership
experience to head up this new function.

Applicants should: ■

• have experience of major assignments at a senior level

• be members of the Insolvency Practitioners’ Association

• be highly regarded within the banking industry

• be of partnership calibre.

The remuneration package will reflea the importance of die appointment and
will not be an obstacle to our attracting the right person.

Please write in stria confidence to Philip Harwood at 25 New' Street Square,
London EC4A 3LN, marking your envelope PERSONAL.

[jjjp Clark Whitehill

ACCOUNTANCY
APPOINTMENTS
appear every
THURSDAY
Rate £41 per

Single Column Centimetre
plus VAT

For furzher information
call:

TREVOR PUNT
01-236 9763

Papua New Guinea
Electricity Commission

ASSISTANT CHIEF
AUDITOR (edp)

£1 6,230 (approx) + bonus + benefits

The Commieaioftie a commercial statutory authority responsible for the generation
and distribution of power on a nationwide basis. The headquarters are located in Port
Moresby and field operations are administered through 25 regional offices.

A Midas software package is currently being Installed on an ICL2958 mainframe to
-support the headquarters accounting ami information systems. Regional operations
ere also being converted . to online processing.

Theparsonappointad to this position will head a nevtfy created EDP audit function
and wHI be responsible for the development of the EDP audit activity within the
Commission. Applicants should be qualified accountants with at least three years
computer audit experience although applications from holders of recognised
computer qualifications will alao be wafeomed.

Bonetits of this portion Indude:

• Subsidised furnished accommodation.

# Six weeks recreation leave per annum.

; • Return air fares to place of recr u itment every 18months.

# Settling in allowance.

• 24% annual bonus taxed at 2% flat

All salaries and allowances ore paid In Papua New Guinea Kina (die exchange rate is
approximately K1 — 70p).

Application* in writing, giving foU detaUa of personal particulars, qualifications
and work experience and a passport shed photogra ph should be forwarded to:

O Vw e es Steff S e cti on. Papua Maw Onto— Bsctriclty Co nw n l s stoiy
P.O. Boa IIOBrBonko, Papua New Guinea.

Closing date for receipt of applications ns 13th March 7S8R,

Young

Financial Accountant

MANNESMANN

ENGINEERS &
CONTRACTORS

H a mm e n sm i fli to £18,000

Mannesman!! Engineers & Contractors limited are the UK subsidiary of
one of the world's largest engineering conglomerates. They are expanding thtir
activitiesin the environmental engineering andprocess fields. They need a
young Financial Accountant who, reporting to the Managing Director, will
provide the full finance function for the company. Responsibilities will include
financial and management accounts, cost analysis, W.LP., bud g etin g ,
forecasting and credit analysis/controL

Applicants will ideally be aged under 32, ACMA/ACCA. with experience
in project and contract accounting. The company offers a full range ofbenefits
and a cleariy identified career path.

C a n d idat e s sho u ld , in the first ins ta nce, write in confidence enclosing CV

FINANCIAL CONTROLLER

with Directorship potential

N W Kent £20,000 + Car

+ generous profit share

A £20 million turnover group which intends to double its sales in the next five
years seeks a senior financial executive to strengthen its management team at

this ftey stags In ite development Starting 12 years ago in petrol retailing, the
group has developed into tyre rataiUng/exhaiist fitting, new/used car sales
and the sale, installation and maintenance of car wash systems.

TheKnaneial Controller wiH be sxpected to improve the timeliness and quality
of financial and management accounts. Introduce improved computer
* systems and appraise proposed new business ventures.

Applicants, qualified accountants preferably aged 35-45, must combine
broad financial experience in a small business with proven managerial ability
and commercial flair. Practical EXP. experience is vital whilst a background in
retailing or a similar environment would be an advantage but is not
essemiaL '

Please send s compreharsive career including safary history and day-

time telephone number, quoting ref: 2361 to GJ. Perkins, Executive
Selection Division. .

Exceptional Accountant

London up to £26,000 phis car

>35fe are an expanding firm of management consultants associated with a
leading accountancy practice. W? have an outstanding ground floor opportunity
for an exceptional accountant to be associated with our growth.

Our consultants work with their clients in government, commerce and
industry to implement practical solutions to a wide range of business problems,
working alongside consultants of other disciplines.

If you seek a stimulating environment and have;

• an accountancy qualification or MBA

• management or management consulting experience

• experience ctf designing and implementing computer based systems

—please write in confidence to Robin Gorringe, Managing Director,
Claik^WhiiehiUCfrnsuhants Limited, 25 New Street Square,

London EC4A3LN.

Clark Whitehill Consultants

Touche Ross

The Business P artne rs

LlfflsNSw«»*«t0o<teiK4A37B 15*01-363 5011

A

SAoncURbagtoMcagarfsattai-wblcbifa
brand leader In the footsore and sunoetremadBb.
finnHwinrt pm flt QM Mtygnd Mprmdtngpmducl

cppcrtunayint^GenergdAsgounttryaixiPayTofl

Department

Breed at ourLondtonHscsiqucBtewLyou wfflba

i wH i on dWa frirnB l ti«« nffttf w> |y ii l Hng far l rMT mji .

meal and Be US cfflca As Manages you wo
supervise andmottvate a team d 8 stafl whldife

control d fee GeoBKALedgec
Tbb fa vaymucba development role and soyoq

rmwd ftva pftonttrri rtrvl fnttVrttcw tn

cx3toreresuHsAged 2^35. you should be a qucfllfied

orxcunlarfv^marx^Bmenlai^andFSBteT^Sy

cccoputaisedaaxuxitl!X7«p«iance.

'Tbecmnpettlresaigrybccmpton«aedbyaii
attrod fr e teogaKxmparybeii^p ntfa^
lb apply please send tuB career deialfc to Janet.
Ma3GregocSenka'PHscxindOaicKS(^oQ(UK),-
182-2049 John Sheet LondoaEClPlDH.

•at 01-253 203a

Financial

Accounting

Reporting

and Payroll

to SI 7,500 negotiable

FINANCIAL

DIRECTOR

DESIGNATE

Salary c. £30,000 plus

We are a Holding Company with successful operating
subsidiaries. The development of the Group through
an acquisition programme will be supported by an
application for a Full Listing.

The successful applicant will report directly t'«. and
work closely with, the main board, will be respon-
sible for maintaining full control over the financial
accounting and administrative functions, and must
be able to co-ordinate with the Directors to plan for,
and Implement the strategy of the Group.

The candidate will be a qualified accountant,
preferably FGA over the age of 30 years, who looks
for a demanding position which will use to the full
his knowledge of financial controls computing and
taxation matters.

Interested applicants Should write with a full C.V.,
in confidence, to:

The Directors

TRAVERWAY HOLDINGS LIMITED
Traverway House, 398 Seven Sisters Rood
London N4 2 IX

GROUP FINANCE DIRECTOR
QUALITY CONTROL EQUIPMENT
SOUTH COAST c.£25,000+

Following a Management Buy Out and the Private Placing of this
new PLC. we have a vacancy for a Finance Director/Company
Secretary.

We design, manufacture and sell world wide a range of sophisticated
electronic equipment which Is used in industry, research and
education. Our turnover is over £6m, we ere profitable and strong
growth is planned.

We employ 200 in the UK and 20 in overseas sales subsidiaries.
We wish to strengthen the team with the appointment of an fCA
who has had at least 5 years at the sharp end of management
accounting and systems development in an engineering exporting
environment.

He/she will probably be aged between 28-35 and possess well
developed analytical and commercial faculties in order to play an
active role in our progression to an early fisting.

Apply in conMonco to:

Michael Love, Managing Director
LLOYD INTERNATIONAL PLC
I Brook Avenue, Wansash, Southampton SOS <HP

NEWLY QUALIFIED

ACCOUNTANCY

APPOINTMENTS

The Financial Times has arranged with the Institute of
Chartered Accountants to publish a list of those candidates
who were successful in the recent Part II examinations. We
propose to publish the list in our issue of Thursday, March G.
which will also contain several pages of advertisements under
the heading of u Newly Qualified Accountancy Appointments."
The advertising rate will be £41.00 per single column
centimetre. Special positions are available by arrangement
at premium rates of £49.00 per sec.

Newly- qualified Chartered Accountants are never easy to
recruit — do not miss this opportunity. We will also be
including in this feature a

GUIDE TO RECRUITMENT CONSULTANTS

and entries in the Guide will be charged at £60.00 which will
include company name, address and telephone number.

For further details please telephone:

LOUISE HUNTER on 01-248 4864
or TREVOR PUNT on 01-236 9763

FI 3 NIANCIALTIMES

EUROPE’S BUSINESS NEWSPAPER

Financial Times Thursday February 20.198g

Accountancy Appointments

r Financial Controller |

Opportunity for young A.C.A. 1

North West

Our client is a highly profitable and successful,

c£20,000 + car

already gained industrial experience.

marketing-orientated PLC, engaged in the manufacture The successful candidate will show a sound career

of a range of consumer products for the retail sector.

The company now seeks a graduate chartered
ac countan t to join their major UK manufacturing
subsidiary as Financial Controller. Taking
responsibility for the day-to-day financial and
management reporting together with market related
projects and analysis, appropriate candid a te s
(age range 26 - 32 ) are likely to be seeking a first
move from public practice or may have

A STIMULATING ENVIRONMENT
FOR A HIGH CAUBRE ACCOUNTANT

Romford/City c.£40,000 + Car

progression and display above average communicative
skills, technical ability and leadership potential. As .this
is viewed as a development role within the company
career prospects axe considered excellent.

Relocation facilities axe available where appropriate.
Interested applicants should contact Timothy Jury
ACA, quoting reference 7031/Fon 061-228 0396 or
write tx> Michael Page Partnezship, Clarendon
House,81MosleyStreet,MajcichesterM23LQp

L

Michael Page Partnership

International Recruitment Qrautaants

London Windsor Bristol Bir ming ham Manchester Leeds Glasgow Brussels NewVork Sydney
A member of the Addison th&PLC group

_l

Financial Controller

The Save &Prosper Group is one of the market leaders In the F manrial Services .

indntfr y s pecialising * n I T«wf Trust I Init imW life insurance and cash _ .

management, Ixrthm the UJC and internationally.

A first class opportunity has arisen for an exceptional accountant t» take charge of Ac

fironp’n finandal affair s wirlnrirng setting accounting policies, financial COUtTol,
forecasts and budgets, taxation, and the provision, and control of funds.

Reporting to foe Chief Eaoecurive, you wifi manage a department of approximately 70
staff with three senior Divisional Accountants a^aTaaatioo Manager
directly to you.

To fill this demandfog rede you will ne^ to he a qualified accountant who cap. .

demonstrate successful experience at a similar level in your current organisation aim.

pt e fecab ly have had experience within the iJfe insurance in d ustr y The persaoahly to

rt wiwnimicrfe afalllepeh within the Groupia, of course, a prereq uisi te for this position.
W rp 0 Please apply to Alex Holmes, Head ofPersonnel, Save &

3/W t & Prosper Group Ltd, HbagonHouse, Western Road,

Tin nrnm Romford, Tel: Romford (0708) 66966. (Interviews wffl be

JL IvvJSjr tlx l^ml^KidonOT Romford).

Growth throughurukrsbmdirig • w

An aggressive qualified accountant aged in the cun

around 30 is required to squeeze improved theindivic

results out of a three site Manufacturing ‘stage’ to

organisation. This £40 million turnover company The job

was successfully floated in 1984 and is regarded area and r
by the City as growth orientated. Initial sala

Excellent career opportunities exist for an 2fitrecar ,

individual able to demonstrate
his/her mastery of financial

c£18,000 + car

in the current job, with at least 5 years in industry
the individual must now be looking for a bigger
‘stage’ to develop their career.

The job Is focated in the Colchester /Ipswich
area and reasonable relocation costs will be met.
Initial salary negotiable around £18,000 pa.

2 fitre car and other benefits p rovided.

Please write In confidence, or
|Orr telephone RNOrr for a

form, quoting dient reference

tiers M 2551 .

controk both In technique and • • _____ form, quoth

abdication. Already successful CK a ATtOCTS M2551.

Management Consultants

12NewBorBDStx»StreetL<RidonWlX IFF ^es&ose01-439 6083

ACCOUNTANCY
APPOINTMENTS
appear every
THURSDAY

Rate £41 per

Single Colnmn Centimetre
plus VAT

For further information
call:

LOUISE HUNTER
01-248 4864

FINANCIAL DIRECTOR

Middlesex

circa £24,000

Expanding specialised
Storage & Distribution Company

Applications are invited from Accountants (A.CA. or
F.CLA.) aged 37-45, who have acquired at least 8 years*
financial experience in industry or commerce within a
growing and successful organisation. Responsibilities will
cover the total financial management of the company and
the review of financial and accounting controls, installation
of computerised systems, preparation of forecasts and budgets
and the provision of financial muscle in negotiating with
banks. The capacity to contribute significantly Co the com-
pany's growth in the future is vital. The successful applicant
will work closely with the Managing Director in shading
the future of the organisation. Initial salary negotiable,
circa £24,000 + benefits package.

Write in strict confidence to the Managing Director
Box A0043. Financial Times
10 Cannon Street, London EC4P 4BY

Project Accountant

IN A MAJOR INTERNATIONAL BANK
LOCATED IN LUXEMBOURG CITY

The successful candidate will have a proven track
record in the field of bank accounting and will
undertake the development of a sophisticated
management information reporting system, working
in connection with the EDP manager. Familiarisation
with Midas accounting system will be a distinct
advantage.

This management position carries a competitive
salary and fringe benefits.

In the first instance apply to:

Mrs V. Shuster

International Bankers Incorporated S A.

41, Boulevard du Prince Henri
1724 - Luxembourg

NEWLY QUALIFIED GUIDE TO
RECRUITMENT CONSULTANTS

On Mirth 6. the Financial Times has arranged with the Institute of
Chartered Accountants, to publish the list of those candidates who
were successful m the recent Part II Examinations. As part of this
feature we will be publishing a guide to recruitment consultants.
Insertions will be charged at £60, whkh will include company name,
address and telephone number. Additional Information will be
charged at £12 per line.

We will also publish " Newly qualified accountancy appointments,**
the rates being £4t per single column centimetre, premium position
£49 per single column centimetre.

For further deails please telephone:

LOUISE HUNTER on 01-248 4864
or TREVOR PUNT on 01-236 9763

FINANCIAL TIMES

EUROPE’S BUSINESS NEWSPAPER

Qualified

ACMA’s/ACCA’s/ACA’s

Chief Accountant — London

to £18,000

Aquafifled accountant is required to workdasefywlth the FD.ofa private compary
having a turnover of £4V6m. Response* tor the regular accounting and
ma na g em ent re port i ng, the a pp rin trewS need tobe enthusiastic, hard-wertdng
aid ambitious, with the maturity to supervise II staff.

Financial Planning— WC2

to £17,000

Our cBent; the UJL subsidiary of a nugor U A Chemical Gnxqvseeks a quaBfled
accountant to be involved In the prep ar ation of finandal pirns and the monthly
analysts. Interpretation airt reporting of worhi-wtdedata.77tesuccessfh}c&x£datB
wS be quaBfled and probably aged under 3a

Computer Audit- Surrey c. £16,000 + Car

A major International company seeks a Chartered Annuitant who has trained
wlto a big 8* firm and has at least one year's e^pertence of computer audit The
position involves some 6096-7096 International travel and offers raceflent
p rospects.

Please write, enclosing a careerisalayhlstoiyanddiy-t lm e telephone number to
HchanJ Norman FCA quoting reference no. 1/2331.

KIngraray Chamber*. 44M6 K togsmay , London WC2B fifflf.
Tetepboee: 01-242 7773 (24 hour) ..

Financial Director Designate

Property Development
Planned Stock Exchange Listing

Sheffield

OureEeot is a young, fast grow in g and strongly
profitable property development company
which was established in 1979 btd has existed
in basically its present farm since 1982.

The company is owned by its three directors
who combine youthful flair, imagination and
opportunism with a high degree of

professionalism and commensal probky.

The company has now reached the stags at
which it requires the services of a technically
strong but e ntr e pi eneurially spi rit e d ac c ountant
to fDl the posara of Financial Director
Designate.

The position will attract those responsibilities
normally associated with the function,
however, anphass win biMiiHy be pbraH cm
the further development or financial systems
and tht» wihnwrpmimT nf msmngemem
information generally. It is i nte n ded that the
appointee wffl become a fully participative

Basic Salary
c. £20,000 + car; etc.

manlw nfrt» nMiiHpm«iH anI *nd that he
will play a key role in the preparations for
obtaining a Stock Exchange listing.

Success m the rofewiD lead to fall bond
membership and the highly attractive prospect
of equity participation. - -

Chartered Accountants in their ttdrdeswho
fed they the requirements cfthbposithn

should write enclosing a detested CV to
Mr. T. A. Ekster, Executive Selection Division,
Peat, Marwick, Mitchell & Co., City Square
House, 7 Wdfirtgton Street, Leeds LSI 4DW,
quoting reference Nq, L/607.

0 PEAT
MAN

MARWICK

ACCOUNTANTS

Count yourself in!

c.£ 16,500 + benefits

We are offering young, innovative
accountants the opportunity to move into
the rapktfy-changing finandal field and help
shape the fatureof Abbey National/

A graduate in a numerate (fisopUne and
qualified to ACA. ACCA or IGMA. you will
join an enthusiastic team of professional in'
our finance Department. You must have

BUILDHMG SOCIETY

budget control and finandal analysis skills
together with the ability to develop product
profiahilkymodebandfurtherdevejopour
new capital expenditure management -
information systems. Frequent contact with
other professions ait all levels of management
means excellent communication skids are
also essentiaL

As the Society continues to expand, so will
your career prospects The salary is - .■
negotiable, dependent on experience, and is
accdmpan^d by a range of company
benefits.

PTeasfesfcrtd your full career-arid salary details
to BHI Whitehead, Abbe/ National Building
Society, AbbeyHouse. Baker Street,

London NWl 6XL

Operations Auditor

c£25XKK) + Car

financial Insurance ^oupfcthetofingundawrter of creditor insurance

*? • 1- -^1- J r — ?-l r - -.1- 1- TL* -

growth. 1

The inqeasfog sophistication of or computerised systems demands the
iraptementatkjnofckisemonftD™

Our requirement s for a chartered accountant with several years of
past-qualffication experience of internal audft to develop the fandfca The
position reports directly to the Executive Chairman and applicants mist
demonstrate the matumvandinter-peisaialdflfe required to deal effectively
wBh senior cbDeaoues. rantiferfty wifliDJ*. systemsisan essential factor, and a
second Europeanfenguagewffl be an asset

A competitive compensation package wffl be based upon a salary
c £25,000, car and other major company Benefte. Some international travel
Bfovoived.

Pfoaser^)^,inaxifiUaK£andwithacom{nehQisive
cv-ta Stephen Hales, Personnel Manager,

FIN IANCIAL INSUR ANCE GROUP

Financial House, Pj0. Bqdc140,

Eaton Road, Enfield, Middlesex EN1IYR.

Financial Controller

£30,000 plus car, bonus and banking benefits.

Oar client is the subsidiary of a ms^orfinnncialinstituiion and operates vritbui (be

ILK. mo rtgage market.

entire accounting function. This will include.aU statutory, financial and budgetary control
matters and the development of a man a g e men t information system. Dutiaswill gjcprpTiPr

funding, taxation, the moni to^i^ andre^orriDg^inarket activities and the control ofa

years banking/secun ties and treasury experience. They wm be totally familiar with all

able to communkate effectively and work underpressure. This is acareerratton that
requires afagh levei continualfymeet the

Please unite, eru^ingfudaireerd^ail^ori^honeMartinKrc^wsH in the strictest

confidence.

FIRTH ROSS MARTIN ASSOCIATES, WARDGATE HOUSE, 58A LONDON watt
LONDON EC2M STP. TELEPHONE 01-628 2441 LUNDON WALL,

forbuikfing products, heat exchange,
driftodisponsetlhiMpoweg
specfohpurpdae valves, general ' .
anginemrifl, rafinotf and wrought metals.
Wtplc.Blnidngham, England ■■

SECTION n - COMPANIES AND MARKETS

FINANCIAL TIMES

Thursday February 20 1986

K1VETON PARK STEEL

BRIGHT FREE MACHINING STEEL
FOR FORGING, UPSETTING
& EXTRUSION FROM KIVETON PARK

• Rounds, hexagons, flats, carbon end alloy
steels. Coated coils for cold forging and
extrusion, sections a speciality.

• AJIin a wide range ot finishes. Sizes

from*"- 3" /5TO.

ntlHPUMMHVIlltinlMBCiq

KPS ] j:

J* VkW

%

I

5 ■

T.

3,. !Ti

Fermenta Valeo plans truck division sale
price to Rockwell International

plunges

further

' By Kevin Done In Stockholm

THE FERMENTA share price con-
tinued its free -faflfor the second

BY PAUL BETTS IN PARIS

VALEO, the French motor-compo- Rockwell, which will buy the axle 200m in 1985. Valeo had a net group
nents group, is selling its loss-mak- businesses of the French company's • loss of FFt 147m in 1981
ihg truck and heavy-duty-vehicle Sona subsidy. Those operations But m ^ that

axle businesses to Rockwell Inter- lost about FFr 150m (S2L18m) last Vale0 would to p^t this

national, the' US aerospace, car- year. Valeo said details of the trans- year, with expected earnings of be-
components and electronics con- acbon would be released next April ^Pr i50m and FFr 200m.

««•. . ^ Sales last year totalled FFr 11.4bn.

The move wiH virtually complete Mr Andre Boisson, Valeo chair-

cera. when tne aeai is compieieo.

The move win virtually complete Mr Andre Boisson, Valeo chair-
day.' on the Stockholm Stock Ex- Valeo’s recent -sweeping restructure man, also said last night that the
change yesterday amid trading that ing- efforts involving. g other French group was expected to re-

one broker described as "hectic to moves, the shedding of unprofitable Port another net loss of about FFr
hystericaL” - • operations and lfae recentring of ac- 100m in 1985. reflecting the heaty

The price of the biotechnology tivities on Valeo's core car-compo- cost of restructuring the group's

and chemicals group’s B-free n»nfq business. " operations,

shares plunged by SKr 57 (57.70), Valeo said last night it had signed However, operating earnings are

an even larger fall than on Tuesday a . preliminary sale agreement with expected to total more than FFr
whgn the price dropped by SKr 48. ■ ■ ‘ ■ ■ ■ . •' '

Fennenta's share price has now
mote than halved in less than a
week after disclosures by Mr Refa-
at El-Sayed, the Fermenta majority
owner, that had lied to investors
about his academic . qualifications.

On Monday he gave up his post as
chief executive and. became full-
tune deputy chairman, to stem the
crisis of confidence in the company.

The Fermenta B-free shares,
which, can be. bought by foreign in-
vestors: dosed yesterday at SKr 144
compared with a closing- price of
SKr 201 on Tuesday, SKr 299 a
week ago.and a peak in mid-Janua-
ry of SKr 32SL The B-restricted
shares, which fell most heavily on
Tuesday to SKr 189, also dosed
yesterday at SKr 144. ; ' .

The turmoil that has erupted
around Fermenta in recent days

and the plunge in its share price is I growtn rate tor me wnoie nnannai cwce rorsene s uo earnings in
also delaying progress on tl» com- year, now that the dollar had lost terms of D-Marks, but the company

operations.

However, operating earnings are

tween FFr 150m and FFr 200m.
Sales last year totalled FFr 11.4ba.

Valeo is also planning to raise
fresh funds through a new shares
issue. Company officials indicated
that Valeo, wife about 4m shares
outstanding, was envisaging issu-
ing about lm new shares. That
would raise about FFr 600m at pres-
ent market prices.

Porsche quietly confident

BY JOHN DAVIES IN STUTTGART

PORSCHE, tiie West German tion, Porsche was able to sell 26,400 cent to a record DM 120.4m in its fi-
sports car maker, a strong cars in the first half-year, 19 per wmnrial year to July 31. This is the
start to its current financial year cent more than in the same period a fourth year in succession feat
and is. confident of. making a “de- year ago. The number sold in West Porsche has enjoyed a sharp., to-
cent" .profit despite the recent de- Germany was down 4 per cent, bat crease in profit,
dine in the value of the US dollar, sales were up 21 per cent in the US it has already been disclosed that
Porsche lifted sales revenue to DM and up 40 per cent in the rest of the the company is increasing its pay-

Uffibn (STTTm) in the sax months to world. out to shareholders for last finan-

the end of January - the first half of Porsche executives declined to cial year by adding a DM 250 bonus
its frnftwrrwt year - an increase of 33 give det ail s of their profit expects- pgj- share to an unchanged basic
per cent on fee corresponding peri- ttons now that the dollar has fallen, dividend. Including the bonus, hold-
od a vear earlier. bat said the result this fi n a n ci a l . Prs nf the stock-exchange listed

od a year earlier.

ers of the stock-exchange listed

However, • Mr Heinz Branfizki, year would, be one of which the preference shares will receive a to-
the finance chief, cautioned that fee company "would not be ashamed. 1 " tal payout of DM 18.50 a share. Or-
company book! not keep up such a ■ The. lower dollar will tend to re- dinary shar eholders, who are all
growth rate for fee whole financial duce Porsche’s US earnings in members of the Porsche and Piech

value in terms M the D-Mark. The plans to lift US sales by 16 per cent
company's, sales target tor this fi- to about 29,000 cars. It has also tor
nenrial year was DM 3J3m, com- creased fee dollar price of cars this
pared with sales revenue of DM month and plans further unsped-
317bn to 1984-85, he said. fied price rises to the US.

After having expanded produc- Porsche lifted net profit by 30 per

pony's SKr 3J3bn tod tor Scnes-
sons. The bid is part of a series of
deals - originally backed whole-
heartedly by Volvo, the Swedish au-
tomotive group, which has a sub-
stantial stake to Sonessons aimed
at giving Fermenta the lead rote in
its sector. ' .

The Fermenta prospectus for the
Sonessons bid was due to be pub-
lished by February 28, but Mr Lars w

BY OUR NORDIC CORRESPONDENT

Su llen Wf>t>dpiB h ank«»n, Furrnpn- VOLVO, the Swedish automotive, al sales of about SKr Bbn.
ta’s investment banker, said the energy and food group, said yester- The deal takes Volvo fui

tal payout of DM 18.50 a share. Or-
dinary shareholders, who are all
members of the Porsche and Piech
families, will receive a total payout
of DM 1750 a share.

The payout will take up only DM
25.2m of Porsche's net profit. The
rest will be used to strengthen the
company’s reserves and boost in-
vestment

Volvo claims victory

The deal takes Volvo further into

ta’s investment banker, said the
timetable had still not been settled.

The prospectus: would probably not
be released until after Easter, he

said. . ’ • , »■. . — .

The Swedish bank- inspectorate | 4hree-monih takeover battle,. one of tiles, which specialises , to produc-
said yeaterd^.ibaf it is to invest*- 1 the tow hostile takeovers seen in tion tec hn ology for speciality chem-
n>ta tha (nAwmirtim mMnnriuidnm 1 Sweden. In * I* and wastewater treatment.

Volvo had bid SKr 15bn (S473m) Cardo’s equity portfolio is to be

day that; it had gained control of the biotechnology sector through
more than 90 per cent of .the shares the advanced plant-breeding activi-
m Cardu, "the Swedish investment ties of Hilleshog 'as well as the
.and todastriaLholding group after a jsmaltCartto'subsiditfry AC Biolech-

said yesterday that it js to investi-
gate fee information memorandum

issued by Fermenta in London last _

July in connection wife its SKr for the outstanding 77 J. per cent of hived off into a separate investment
210m private placement led by Cardo it did not already own and company, Investment AB Cardo.
Svenska IntenatSenal; the ; London for the ontetaddizig 17 J per cent of which is to be sold back to existing
subsidiary of Svenska Handels- Hilleshog, the Cardo subsidiaiy. Cardo shareholders with Volvo

hflwiwn. The memorandum in-
cluded the claims by Mr El-Sayed to
a PhD in microbiology, since admit
ted to be false.

itor

• • j *

... . i wwvu i ana *.ui«a,

Amr o lilts D6t biggest US heavy truck manufac-
turer - which is scheduled to
Anal change its name to Navistar Inter-

prOHV UllU national today - has reported a 30

_ - -i j • • j * per cent drop in net income from

boosts dividend continuing operations to 514m in

By Laura Ratm tat Amsterdam

AMSTERDAM-Rotterdam Bank
(Amro), the second-largest Dutch
co mmer cial hank, lifted its net prof-
it nearly 35 per cent to Fi 340m
{S7.08; :) in' 1885 and raised its divi-

ENI sees
best profit
of $490m

-Bv James Buxton hi Rome

Mini »wm?iiriwi HinilHU* KniUU m W a aiiUMUtaBiyU aUmUUCUY JTVrf UIUliCUT | mm*m**m*omB ■■■ IIWMNK

ENI, the Italian state energy cor-
poration, said yesterday that it

"Votohad bid SKr !L5bn (S473m) Cardo’s equity portfolmis to be

for the outstanding 77.1 per cent of hived oS into a separate investment «. e hiehest nrofit in absolute terms
Cardo it didnot^alreadyown and company. Investment AB Cardo.

for the antstariding I7J ner cent of which is to be sold back to existing gronp .... . .

The company, which has inter-
ests ranging from oil exploration
and distribution to chemicals and
textiles, said its sales were static
last year, compared wife 1984,
when they totalled IA5,348bn- Op-

™ _ __ __ crating profit was put at more

si on, creating a new unit wife anim- ofiered would be during March 1 than L3,500bn, compared wife

' L2,798bn to 1984.

Three quarters of ENTs activities
are to energy supply.

ENI lost about L3,000bn in the
two-year period 1982-83, but
brought its net loss down to L88bn
INTERNATIONAL HARVESTER, medium-duty tracks and school to 1984. Yesterday it reinstated its
biggest US heavy truck manufac- buses. 1984 loss at L64bn.

turer - which is scheduled to The group earned 8 cents a share whidl disposed its pre limi-

change its name to Navistar Intm> from continuing operations in fee n ^ B tetter from

national today - has reported a 38 three months to end January 1988, Kevig i i0i the nhwirman , to

per cent drop in net income from compared wife 14 cents a share in ^ Darida, the Minister of
continuing operations to 514m in the comparable quarter last year. State Shareholdings, who is ultj-
fee first quarter of its current finan- ^ mately responsible for fee compa-

cial year. ny, said it was basing its results on

_ V™** “f totaUed ^ fee same criteria of depreciation

Hilleshog, fee Cardo subsidiaiy. Cardo shareholders with Volvo
Volvo is to. merge Cardo's indus- maintaining a minority stake of
trial operations- the Swedish Sa- around 20 per cent

gar Company; Hilleshog, fee seeds Volvo said it would now apply for

ted to be false. and plant breeding company; and fee compulsory purchase of out-

Fermantayesterday clarified -fee Weibulls, the garden seeds compa- standing Cardo and Hilleshog
ftnarwiat report It issued on Mon-~ ny - wife its Provendor food efivi- shares. Payment for shares already
day and stated that; of its preiimh sion, creating a new unit wife anim- offered would be during March,
nary profits (after financial items)
for 1985, totalling SKr 320m, some
SKr 80m was attributable to minor-
ity interests. Profits after financial
items in 1984 totalled SKr 82m.

Harvester income drops

BY OUR NEW YORK STAFF

A smaller contribution to loan-
loss reserves contributed largely to
the sharp jump in earnings, wife
provisions falling 5.4 per cent to FI
875m. The continuing improvement
to the economic has allowed

tower bad-loan provisions for the
past two years.

- Total income cose 89 per cent to
FI 3.5Sbn wife interest income edg-
ing up 31' per cent and co mmiss ion
income up 10.1 per cent Buoyant fi-
nancial markets helped lift commis-
sions but lending to fee private and
corp orat e . sectors remained
sluggish.

The consolid ation of Eur ope an
RanVing Company of London (EBQ
accounted for the biggest increase
to income

TO* company, which came near or 18 cents a share. and other provisions as it has used

to bankruptoy teas years ago says ^Ayear ago the group reported a ^ ^ pas t. ^ addition it had set
fee figures include a S9m provision S576m lo» from discontinued oper- / further L390bn in refining
for estimated repair and replace- ations. After an extraordinary gain ^

ment costs associated wife its re- of $20m. the group reported a net . km said it had improved its op-
centty announced recall of J34JHJP loss of $5S4m last year. smZ

Hewlett earnings drop

BY OUR FINANCIAL STAFF

and coal

' ENI said it had improved its op-
erating results in energy supply
and r efining , through investment to
refining and flexibility in crude oQ
sourcing.

The group said it had registered
an improvement of about L500bn in
its results through tower borrowing
rose 4 per cent to SUIta, with do- <*rg= and reduced eschaoge-iele

HEWLETT-PACKARD, the Califor- rose 4 per cent to Sl^bn, with do-
me-based manufacturer .of min- mestic sales and service revenue up | losses -
icomp uters and electronic instru- 4 per cent to S916m and toternation-
ments, y^terday reported a 6 per al sales up 5 per cent to 5681m.
cent fall in first-quarter net earn- The company said incoming or-

togs from 5118m, or 45 cents a ders to the first quarter rose 1 per

share, to 5109m, or 43 cents.

While the latest -earnings are

cent to S1.71bn.

• IBM Australia, wholly-owned by

down frtan the levels readied in the the US computer group, lifted 1985
1983-84 fiscal year they match net profits by 6.7 per cent from

Phibro-Salomon
results strong

By Terry Byland In New York

those of fee -year ended October AS70 Jm (US$54.4m) to AS81Jhn, PHIBRO-SALOMON,

AS683AO to 5904.4m.

Strong final quarter boosts Aetna

1985- while gross income rose from York-based international securities

Revenues in fee latest quarter AS683^m to 5604.4m. and commodities trader rounded on

' ■ ' another record earnings year with a

7 1—1 “ .. “ strong performance in the final

Strong final quarter boosts Aetna

^ o a group operations made significant

contribution" to a 28 per cent gain

BY WILLIAM HALL M NEW YORK .... to 5557m to net earnings, before

AETNA Lite & Casualty, the big- ■ . .Mr James T. Lynn, Aetna’s chair- ety to deal with the lawsuit crisis in counting to the special charges
gest stockhoWerowned insurance mariv says the "down-cyde" in Aet- fee interests of claimants and incurred in 1984.
company. in the US, yesterday on- . na’s property and casualty business premium payers alike,” Mr Lynn The fourth quarter brought a 40
Wgrjj npri the rapid recovery to the u has de&rty turned rvuod, bat we said. per cent jump to S132m in net earn-

fortunes of the sector by reporting a still have a substantial way to go to Aetna’s assets increased 14 per ings, once again before the special

remhim payers alike,” Mr Lynn The fourth quarter brought a 40
tid. per cent jump to 5132m to net earn-

fortunesofthesedOT by reporting a still have a substantial way to go to Aetna's assets increased 14 per ings, once again before the special

135 per cetit increase in its 1985 op- achieve reasonable earnings for the cent in 1985 to S585bn, and share- charges in the previous year. The fi-
'erating eamingsio 5430m. risks assumed." holders' equity rose by 12 per cent nal quarter bore a charge of S54m

After deducting 558.5m of invest Touching on a recurring theme of to the equivalent of S41.52 a share, pre-tax for the restructuring of Phi-
ment losses, Aetna's netinaune in many leaders in the US insurance t Aetna’s employee benefit earn- lipp Brothers' non-energy commodi-
1985 totalled S371.7m or S3.28 a business, Mr Lynn said yesterday ings rose 11.3 per cent to SS24m in ties business. The commodities divi-
share, before a 54.0m extraentimary feat Aetaa’S ability to serve the 1985- Personal financial security sions have been cut back heavily as

item. This compares with 5127.7m,
or S1.04, m 1384.- '

ubfic's insurance needs at reason- earnings totalled S139m last year j Salomon Bros securities operations

prices is "dependent upon

w ■ v ,.„ r _ „ r wife 5150m in 1984 when

Aetna’s performance was helped basic changes in our civil justice f^ures were boosted by a $45m
bya pkrt&ilartystrttog final qu&r- . system.” Recent increases in the one-time tax benefit
ter, with ctoerafihz earnings ratog number and siie of jury awards to ^Commercial insurance emped
£m SSJ^to^'final quarter of Habilitysuits in the US have led to- pm in 1985 compared with a S84m
2884. to SJSLBd to fee. latest three - sums to ahaipty tocreastog- their J984. In the final quarter of

nandhsi Net toorate oy»1he same rates for coverage or decline to of- 01 Aatoa s business

period rose from5753m to $14fi.8m, fer coverage to some instances. terned S39nt lYwm'ura volume rose

™ — tau ~ j — - j* x /n mm* fiont i uHS

1985 this side of Aetna's business
earned 539m. Premium volume rose

or 5129 per share.

“We m ost wntimw to urge sod* 2® P®r cent in 1985,

have emerged as fee dominant part
Of the group, formed five years ago
when Phibro merged with Salomon.
Reflecting this, the group will soon
be renamed Salomon Inc.

Phibro Energy, benefiting from
the volatility of the crude oil mar-
ket reported record earnings to the
1985 final quarter.

Coca-Cola CANAD,AN MINE group outlines strategy

market Rio Algom looks ahead

share at

BY BERNARD SIMON IN TORONTO

JUST four days before the London due to be published later this of C£

a VW M \M- a,_4_1 n urt li. mnnfk om lilralv tn ha fthmit Hp d

BY BERNARD SIMON IN TORONTO

By WRHam HaU In New York

COCA-COLA, the US soft-drinks
giant, which was forced to relaunch
its main brand last summer after a
passionate outcry by consumers
who did not like the taste of the
company's new product, yesterday
reported a 9 per cent increase to
1985 net toco me from continuing
operations to 5677.6m, or 55.17 a
share.

Mr Robert C. Goizueta, Coca-
Cola's chief executive, said fee com-
pany ended the year wife the high-
est domestic and international soft-
drink market share in the compa-
ny's history. He also noted that the
return on average shareholders'
equity of 23.5 per cent was fee high-
est for 15 years.

After income from discontinued
operations of 544.7m, final net prof-
its were 5722.3m, or $5.51 a share,
last year compared with 5628 -8m or
54.76, to 1984.

The company says that much of
the improvement reflected higher
non-operating income, a reduction
in fee effective tax rate and fewer
shares outstanding.

Fourth-quarter net income
jumped from S130-5m, or SI a share,
to 5189.4m, or $1.45. Revenues rose
from $L72bn to $2.1 bn, and from
S7J5bn to S7.9bn for the year.

Operating income from all soft
drink operations increased slightly
in 1985 “despite significant market-
ing investments to the US and the
effects of the strong dollar.” In addi-
tion, Coca-Cola benefited from a 33
per cent increase in the operating
income of its entertainment opera-
tions, primarily resulting from very
successful television syndication.

The group's US soft drinks vol-
ume rose by 9 per cent to 1985,
nearly double fee US industry rate.
Coca-Cola is facing a fierce chai-
lenge from its dose competitor,
PepsiCo, and as a result has had to
make significant marketing invest- i
meats, primarily for rapid national
product introductions. I

NEW ISSUE

JUST four days before the London
Metal Exchange (LME) tin crisis
broke last October, the Canadian
mining group Rio Algom brought
North America's first primary tin
mine into production at East

Kemptviiie, Nova Scotia.

That unfortunate coincidence has
delayed fee shipment of concen-
trates from the mine by undermin-
ing the LME-hased pricing mechan-
ism agreed earlier with its British
customer. The prospect of lower tin
prices also makes East Kemptviiie
the latest in a series of question
marks Hanging over fee immediate
outlook for Rio Algom, a 53 per
cent-owned subsidiary of Britain's
Rio Tin to- Zinc (RTZ).

By carefully husbanding its re-
sources Rio Algom has won a repu-
tation over fee past three to four
years as one of North America's
best-managed and most financially
stable mining companies. Mr Henk
Refiner, mining analyst at the secu-
rities firm Loewen Ondaatje
McCoutcheon, said: “When ev-
eryone else was acquiring they
thought prices weren't right.”

More recently, however. Rio Al-
gom has begun to spread its wings
more assertively. In a recent talk to
investment analysts, Mr George Al-
bino, chairman, listed diversifica-
tion, new mining ventures and in-
dustrial acquisition among the com-
pany's pluming priorities.

The new tin mine and an invest-
ment in potash are among the prod-
ucts of these plans. While Mr Albi-
no is satisfied feat these ventures
meet Rio Algom's strategic objec-
tives, they have unsettled the in-
vestment community. Mr Thomas
Komlos, analyst at Dean Witter
Reynolds Canada, said an invest-
ment in Rio Algom had become “a
bit of a gamble.”

Unlike many other North Ameri-
can mining groups Rio Algom has
remained profitable and main-
tained a respectable balance sheet
in fee face of low metal prices. Net
income has soared from a low of
CS17.8m (USS 12.75m) to 1982 to
CS 73.9m in 1984. Last year's profits,

due to be published later this
month, are likely to be about
CS90m, giving a return on
shareholders' equity well into
double digits.

Rio Algom's stability has been

largely due to its lucrative long-
term uranium contracts wife the
Ontario power utility, Ontario Hy-
dro. Uranium, produced at four
mines in northern Ontario and
Utah, contributed 32 per cent of to-
tal sales in 1984, but more than 70
per cent of operating earnings.

More recently, the company has
benefited from its 68 per cent inter-
est to Lorn ex Mining of Vancouver,
whose copper operations are among
fee few in North American to have
remained profitable for the past
three years.

Lornex agreed last month to pool
its copper mine and mill in British
Columbia's highland valley with a
higher grade mine to the same area
owned by Cominco. The combined
facility will be one of the world’s
largest copper producers, with an
annual output of 400m lbs (181m kg)
of copper concentrate, as well os
significant amounts of silver, gold
and molybdenum.

According to one analyst, break-
even costs will be less than 50 cents
a pound of copper.

Rio Algom's stainless and special
steels division. Atlas Steels, is also
expected to be profitable this year
after strikes and fierce price-cut-
ting pushed it into the red in 1985.

On the other hand, some of the
company's new ventures show less
promise for 19B6. Rio Algom has
called off development of fee Cerro
Colorado copper property in Chile
after fee withdrawal earlier this
month of its prospective partner,
fee Finnish metals group, Out-
okumpu.

The Finnish Government was un-
willing to help to finance Outokum-
pu's 25 per cent share of fee project
to the face of strong political pres-
sure, mainly from trade unions.

According to Mr Albino, the East
Kemptviiie tin mine can recover its
cash costs at current market prices

This announcement appears at a matter of record only.

of C5.500 (57,964) to £6,000 a tonne.
He declined to reveal precise costs,
but insisted: “We won't go under."

East Kemptvi lie's immediate
problem is to negotiate prices wife
its sole customer, the British metals
refiner Capper Pass, which is also
an RTZ subsidiaiy. Mr Albino
hopes the first trial container load
of East Kemptviiie concentrate will
be sh ipped before the end of Febru-
ary.

A longer-term concern is fee
mine's debt, totalling CS152m. Rio
Algom's direct contribution is lim-
ited to CS30m - "less than half a
year’s earnings,” Mr Albino points
out. The rest is made up of bank
loans which are without recourse to
the parent company.

The other shadow over Rio Al-
gom is its purchase last month of an
88 per cent interest to Potash Com-
pany of America, (PCA). which
owns two mines to Saskatchewan
and New Brunswick. The apparent-
ly low purchase price of USS9.3tn
needs to be seen against the back-
ground of the weak potash market,
serious operating difficulties at fee
Sussex mine in New Brunswick and
PCA's substantia] debt

Rio Algom has already begun a
CS28m “rectification programme” to
bring the mine to its capacity of
700,000 tonnes a year, including a
modified mining plan and con-
struction of an underground dispo-
sal area for salt tailings. The mine
manager has been replaced and a
new production manager has been
brought to from Rio Algom's urani-
um division.

PCA plans to borrow up to
CS190m to repay its existing debt
and to finance the Sussex mine im-
provements. Mr Albino said most of
this would be to the form of non-re-
course loans and feat “none of (Rio
Algom's) financial integrity is being
impinged upon."

Irritated by securities analysts'
preoccupation with quarterly finan-
cial results, Mr Albino said: “We did
not buy PCA to contribute to near-
term earnings. We bought it as a
long-term asset"

JANUARY, 1966

w

Woodside Financial Services Ltd.

( Incorporated in the State of Victoria)

U.S. $300,000,000

GUARANTEED FLOATING RATE NOTES
DUE FEBRUARY 1997

UNCONDITIONALLY GUARANTEED AS TO PAYMENT OF PRINCIPAL AND INTEREST BY

The Industrial Bank of Japan, Limited

(Kabushfld Kaisha Nippon Kogyo Ginko)

(A Japanese Corporation)

Issue Price 100 pa- cent.

IB J International Limited

Barclays Merchant Bank Limited Dai-Ichi Kangyo International Limited

Deutsche Rank Capital Markets Limited Morgan Grenfell & Co. Limited

Westpac Banking Corporation

ANZ Merchant Bank limited

Bank of Montreal

Banqne Natkmale de Parte

CISC Limited

Comity Bank Limited

EBC Amro Bank Limited

Goldman Sachs International Corp.

Manufacturers Hanover Limited

Mitsubishi Finance Interimtionidljiiiited

National Australia Bank

Sod£t£ G£n£rale

BankAmerica Capital Markets Group
Bank of Tokyo International Lknited
Chase Investment Bank
Commerzbank AktkcgesdQschaft
Credit Suisse First Boston Limited
Fuji International Finance Limited
Lloyds Merchant Bank Limited
Merrill Lynch Capital Markets
Morgan Stanley International
Nippon Credit International (HK) Ltd.
Sumitomo Trust International Limited

S.G. Warburg & Co. Ltd.

i'

20

This announcement appears as a matter of record onty.

w

Woodside Financial Services Ltd.

(Incorporated in the State of Victoria)

U.S. $300,000,000

Guaranteed Floating Rate Notes
Due July 1997

Unconditionally Guaranteed as to Payment of Principal and Interest by

Australian Industry Development Corporation

(A statutory corporation, wholly-owned and guaranteed by the Commonwealth of Australia)

Chase Investment Bank

Bank of Tokyo International Limited

County Bank Umited

ANZ Merchant Bank Umited
Bankers Trust International Limited
Banque Paribas Capital Markets Umited
Credit Suisse First Boston Limited
Deutsche Bank Capital Markets Limited
IBJ International Limited
LTCB International Umited
Mitsui Trust Bank (Europe) S.A.

Morgan Grenfell & Co. Umited
National Australia Bank
Salomon Brothers International Umited
Sumitomo Finance International

January. 1986

Banque National© de Paris
Merrill Lynch Capital Markets

Bank of Montreal

Banque Indosuez

Barclays Merchant Bank Umited

Dai-lchi Kangyo Internationa] Umited

Hongkong Bank Umited

Lloyds Merchant Bank Umited

Mitsubishi Trust & Banking Corporation (Europe) S.A.

Samuel Montagu & Co. Limited

Morgan Stanley International

Orion Royal Bank Umited

Shearson Lehman Brothers International

Westpac Banking Corporation

Chase

Investment

• • • •

i commodity investors find our annual
metal revie^riseting.

They not only forecast prices and trends but
examine die factors that influence them, such as
changes in production and consumption, secondary
recovery, stock levels, trade, markets and economic
factors.

The latest editions of Lead/Zinc and
Aluminium are already available. Gold’s out this
month, followed by Nickel in May.

And recent reviews on Tin, Copper and Silver
are available as well.

Free quarterly updates supplement each review.

\% also publish a mid-year review of all metals;
and our \fekly Review and daily telex service
constantly monitor the markets.

Lardy, we’ve strengthened our links with our
associated brokers, L. Messei & Go. Indeed, we
work in the same room.

(They’re the people whose publications on
mining shares include a \Cfeeldy Review, a monthly
Gold Letter and quarterly international gold
research together with detailed analysis of the
world’s major mining stocks.)

Together, we operate a unique metals-and-
mining research team.

Our services are offered world-wide and we
use the latest information and co mmuni cations
technology.

To order our reviews, please send us the
coupon. For more information, pick up the phone
and ask for David Williamson.

1 Please scud to; David Williamson, Shcanon Lehman Brothers

I I .i nured . Peninsular House, 36 Monument Sc, London EC3R 8L.J.
TeL- 01-283 8711 Telex: 888881. Please could you send me a copy/
copies of the following Annual Reviews (© £100/1150 per oopy

1 includin g three FREE quarterly updates)

GOLD □ LEAD/ZINC □ TIN □ SILVER □

NICKEL □ ALUMINIUM □ COFFER □

O Vl«se send me the 48 copies of the WfeeHy Review, JCI50/52S0

I per annum. □ Fkase send me details of the range of publications
available bom die joint metals and mining research team. AB prices
are inclusive of postage. Yen nay also pay byAmex Card No.

Name.

Address.

-TeL No.

SHEARSON

LEHMAN

BROTHERS

oM wn cQB D i m ti im a m

FT 20/2

financial Times Thursday February 20 1986

INTL. COMPANIES & FINANCE

Special charges put
Kodak into deficit

BY PAUL TAYLOR IN NEW YORK

EASTMAN KODAK plunged into
loss in the final quarter while 1985
full-year net profits dropped by 64
per cent to 2332m, as reported in
some editions yesterday.

The world's largest photographic
products group reeled under the im-
pact of a series of special charges
totalling 5563m. Those mostly re-
flect its forced withdrawal from the
instant-photography business.

Even excluding these special
charges, however, full-year profits -
battered by fierce competition, flat
sales, spiralling costs and adverse
currency exchange rates - fell by 31
per cent In an effort to reverse the
Heflin?. Kodak last week an-
nounced sweeping job cuts world-
wide and other measures designed
to contain costs - foreshadowing
yesterd ay's disappointing results.

In sharp contrast, Polaroid - Ko-
dak's arch-rival in the instant pho-
tography market, whose court-room
patent-suit victory forced Kodak to
quit the business last month - re-
ported much higher fourth-quarter
and full-year net earnings.

Kodak's full-year net earnings,
equivalent to 51.46 a share, com-
pared with 1984 net earn mgs of
S923m, or S3.80 a share, on flat sales
of SlQ.63bn. Hie group, based in
Rochester, New York, blamed fee

flat sales on the combined effects of
pressure on selling prices and the
adverse impact of exchange rates.

Pre-tax warnings from operations
fell by 64 per cent to 2581m from
S1.55bn in 1984. Excluding the spe-
cial charges - which included
2494m to cover the withdrawal from

the instant-photography market
and costs incurred in plant closures
in France and the US - earnings
from operations would have been
Sl.lSbn, down 27 per cent

Much of the sharp decline in 1985
earnings is attributable to the disas-
trous fourth quarter, when Kodak
posted a pre-tax operating loss of
5376m. after unusual charges total-
ling 5551m, and a net loss of 5194m,
or 85 cents a share, compared with
operating warnings of S3l0m and
net earnings of 2204m, or 87 cents,
in the 1984 period. Sales increased
by 2 per cent to S2.82bn in the final
quarter, up from S2.75bn a year ago.

At Ftoiaroid, fourth-quarter net
earnings more than doubled to
S28m, or 84 cents a share, from
SlO-Sm, or 33 cents. Sales grew by
13 per cent to 2427.2m from
5376.8m. International sales were
17 per cent ahead, spurred by the
weaker dollar and high unit volume
instant camera sales.

Northrop up 29% despite
decline in fourth quarter

BY TERRY bODSWORTO IN NEW YORK

NORTHROP the US military aero- decrease resultaHmaii Jy fr om low-

focreasein net earnings last year liveries of F-5 fighters dedmed by
profits in haH from tbe same period last year.

the fourth quarter and further At the same time, Northrop in-
heavy expenditure on it* troubled expenditure os the con-

Tigershark tactical-fighter pro- p-20 Tigershark tactical-

gramme.' fighter project, which it is pursuing

Net income for 1985 rose to independently, in spite of the lack
2214.4m, or SL83 a share, from pf supporting government co ntr a ct s
$166 -9m, or 53.63, while sales rose am j of test aircraft last year.

37 per cent to SSJbn from SSThn, -

lathe fourth quarter, however, In 1885, tataL expenditure on fee

fee company suffered a setback as Tigersharfc was 2189m, of Which
eanuaeTdipped by 48 per cent to $58 .7m was incurred m the find
y q ftm or 63 cents a share, from quarter. A little o ver 54 8m, how-
5562m, or 51.22, in spite of a 34 per ever, was recovered daring the year
cent <*/>!■?*>«» in sales to SLSbn from insurance claims on the new
from SLltan. fighter project* leaving net outlays

Northrop said the fourth-quarter of 2143m.

Takeover bid for Sheller-Globe

BY OUR FINANCIAL STAFF

SHELLER-GLOBE, the Ohio-based
mimufert n i w of vehicle parts and
office products, yesterday acknowl-
edged feat it was fee subject of a
takeover bid from General Felt In-
dustries, a New Jersey-based carpet
manufacturer.

General Felt which three years
ago attempted unsuccessfully to
take over the Sotheby's auction

house, last week offered 543 a share
in cash and securities for the com-
pany, valuing it at 2430m. The bid
has now been raised to S4&50 a
share.

Profits at Sheller-Globe hove
been recovering since alow pointed
S2.1m in fiscal 1980. and reached
S34.8m in the year to September
1984.

KLEINWORT BENSON FINANCE B.V.
US $50 million

Guaranteed Floating Rate Notes 1991

wiconditionalty and irrevocably guaranteed as to payment
of principal, premium (if any) and interest by

KLEINWORT, BENSON, LONSDALE pic

for the three months 20th February 1386 to 20th May 1988*
the Notes wiH carry a Rate of interest of 8% percent per
a nnum with a Coupon Amount of .LB 8 101-68

CKMICALBaINK btfTOllStATiQNAL LtiWTEO ‘

Agent Bank

Weekly net asset value

Tokyo Pacific Hokfings (Seaboard) N.V.

on 18th February 1986 UJS. S1 19.58

Listed on the Amsterdam Stock Exchange

Information; Hereon, tMdring « Pierson NV*

Herengracht 214, 1016 BS Amste rd am .

Malayan Banking
Berhad

US $60,000,000

Negotiable Floating Rate Dollar

Certificates of Deposit due 1987 Tranche C

In accordance with the provisions oi fee Certificates,
notice is hereby given feat fee rate of interest for the
period from 20th February 1986 to 20fe May 1986 has
been established at 8?* percent per annum.

The interest payment date will be 20th May 1986.
Payment, which will amount to US $5,060.33 per
Certificate, will be made against fee relative
Certificate.

Agent Bank .

Bank of America International Limited

U&$250 3 OOO t QOO

J.R^te^a^IniOTlatio^lal finance N.^

C luaronteedfloatingRaie
Subordinated Notes Due 1997

Fortfre three months 20 Fdxuaxy, 1986 to 20Ms£
1986 the Notes will cany an m taea t rate ef
tWtsperccaLperananm.
hitaeat payable on the wfcvant interest peymtiddete,

London --

. • Agent Bank

AIBD BOND INDICES

US Dollar
Australian Dollar
Canadian Dollar
Euroguilder
Euro Currency Unic
Yen
Sterling
Deutschemaric

Bank J. Vontobef * Co. Ltd, Zurich - Telex: 112744 JVZ CH

RadwnpTkm

YWd

Chans*
on Wo*k

12 Months
High

12 MoOIis
Low

10046

0.119

12260

10.017

14.413

-0J24

14.630

12.600

11.623

-0.120

13.190

11.074

6.222

-0.081

7790

- 6.084

9.484

-0.011

10330

9.190

6.881

-0390

7.480

6.690

11.496

-a 197

11.932

10770

6.740

— 0-252

7330

6.742

This advertisement complies with the requirements of the Council of The Stock Exchange.

It does not constitute an offer of, or invitation to the public to subscribe for or purchase, any securities.

U.S. $150,000,000

Province of Saskatchewan

8 V 2 % Notes Due 1991

The following have agreed to subscribe or procure subscribers for the Notes:

Credit Suisse First Boston Limited

Banque Nationale de Paris Deutsche Bank Capital Markets Limited

Generate Bank Orion Royal Bank Limited

Salomon Brothers International Limited
S. G. Warburg & Co. Ltd.

Union Bank °f S witzer land (Securities)

Wood Gundy Inc.

The issue price of fee Notes is 99% per cent, of fear principal amount. Application has been made to the Council of The qt/vt-
Exchange Tor fee Notes to be admitted to the Official List.

Interest will be payable annually in auear on 5th Match of each year, beginning on 5fe March, 1987.

Particulars of fee Notes and fee Province of Saskatchewan are available is fee statistical service of Extol Statistical Services limited
and copies may be obtained during usual business bouts up to and including 22nd February, 1986 from the Comcmnv
Announcements Office of The Stock Exchange and up to and including 6th March, 1986 from:

Credit Suisse First Boston Limited,
22 Brsttopsgale,

London EC2N4BQ

Hoare Govett LbL,
Heron House,
319/325 High Holbom,
London WC1V7PB

20th February, 1986

Orion Royal Bank Limited,
1 London Wall,
London EC2Y 5JX

4

Financial Times Thursday February 20 1986

,« :4?' *

INTL. COMPANIES & FINANCE

Elders IXL lifts dividend
- as first-half profits soar

BY MARTIN DICKSON

ELDERS XL, the _■ aggressive
Australian brewing, trading and
agricultural group, yesterday
reported a SI -per cent increase
in interim attributable net
profits. It also revealed that a
2.5 per cent stake in the group
has been built up by Adelaide
Steamship (Adsteam), another
expansions! Australian conglo-
merate.

Profits attributable to ordi-
nary •' shareholders : totalled
AS5727BL fUS$40.9m) in the
six months to December 81,
against Ag43.68m In the same
period of 1884, on turnover up
17 per cent from- A¥&28bn to
A$3.84bnv The interim divi-
dend is Id cents a share. 25 per
cent up op the 8 cents last time,
as adjusted; for a bonus issue.

Elders is an amh f-

tious .ILfflur _f A$&M5bm). take-
over bid for AUied-Lyons. the
British food and drinks group,
which is being investigated by
the UK Monopolies Commission.

Mr John Elliott, Elders’
chairman, told a news cv\j£er-
ence in London yesterday that

Pick *n* Pay
drops venture
In Melbourne

By pm Jones In JatanmriNirg

INDUSTRIAL ACTION by an
Australian union has compelled
Pick 'n Pay, the South African
supermarket Chain, to abandon
plans to build a hypermarket
in Melbourne.'

Mr Raymond Ackerman, Pick
"n Pay’s managing director,
failed during a recent visit to
Melbourne to persuade the
Plumbers* and- Gasfitters 1 Union
to lift its ban on construction
work at the planned hyper-
market. The ban on construction
work was enforced in protest
against South Africa’s apartheid
polities * x "

Pick *n Pay, which pioneered
hypermarkets in South Africa
10 years ago, opened a Brisbane
store last year. This was accom-
panied by strong anti-apartheid
protests by competing traders.

.bis Company still intended to
pursue the bid and was confi-
dent of gaini n g Monopolies
Commission clearance.

Re disclosed that a search of
the Elders’ share register last
week had shown a 2.5 per cent
stake held by Adsteam.

There has been speculation in
Australia that Mr John Spal-
vins, chairman of Adsteam.
might launch a bid for Elders.
Mr Elliott said he had had no
talks with Mr SpaJvins and did
not know his Intentions, but he
was “ perfectly relaxed ” about
the holding.

Sir Derek Holden-Brown.
rinlrman of . Allied- Lyons. said

that Ijis company had not
bought any shares in Elders
and was dot helping anyone who
was. “ We will not do so, be-
cause, we do not consider It to
be in any way .a worthwhile in-
vestment,” he added.

Elders’ interim figures show
pre-tax profits of A$73.79m
(A$52J£7m) and an Agll^fim
tax charge’ (At815m). There
are A$2.48m of extraordinary

profits (nil last time). Timing *
per share are 17.8 cents against
13.5 cents.

But the company said the
same rate of profit increase
could not be expected in the 1
second half because of con- 1
tinning high interest rates and
difficulties being experienced in
the Australian rural economy.
“The cost of supporting the
Australian dollar by high in-
terest rates is bearing down on
profitability in all aspects of
the economy,” it complained.

Mr Elliott said the Carlton
brewing group accounted for
about 50 per cent of profits and
had produced an excellent per-
formance. He declined to give
detailed profit comparisons with
1884. but said Carlton was “ up
significantly.”

Foster's lager had increased
its share of the Australian pack-
aged beer market to 20.7 per
cent — up 3 percentage points
on the same period of 1984 —
while Carlton had successfully
penetrated the Western Austra-
lian beer market

Comalco to pull out of
Showa smelter project

BY YOKO SH1BATA M TOKYO

COMALCO of Australia is to
pun oirt of a Japanese alumin-
ium smelter venture with Shows
Denko, a chemicals company,
after heavy losses incurred on
the project in its three-year life.

Comalco, a Melbourne-based
aluminium maker in which CRA
of Australia has a 67 per cent
stake, will transfer to Showa
Denko its half share in -Showa
Aluminium, having already
written off the Y25bn (Si 88m)
invested in the smelter project
set up in 1982. . .

In return, Shows Denko wUl
transfer its 20.6 per cent stake
in New Zealand Aluminium
Smelters, to Comalco. This hold-
ing. valued at NZf 6.5 m
(US$ 3.5m), will Increase the
Comalco share In the New
Zealand operation to 79.4 per
cent

Showa Al uminium has accu-
mulated losses of nearly Y50bn
against the background of a
-worldwide slump in the alumin-
ium industry. Its Chiba plant is
to dose temporarily.

Showa Denko will indepen-
deotiy push ahead with recon-
struction iff the deficit-ridden i
offshoot, but intends to main- !
lain links with the Australian
company in primary aluminium
exports.

For its 1985 year, Showa
Denko’B pre-tax . profits fell 40
per cent to YlOJHJbn, although
net earnings were np to Y4.12bn
against YllSm. Its expanding
fine ceramics side accounted for
nearly 20 per cent of total turn-
over of Y422A8bn — up 3 per
cent As a result it paid a Y4
dividend, , the first payment in
four years.

Galadaris
creditor
hearing
under way

By Angelin Dixon in Dubai

THE GALADA&I brothers,
who run a prominent trading
empire in the United Arab
Emirates. yesterday sub-
mitted to the Dubai courts
their response to applications
from creditor banks which
are claiming some SOOm
dirham ($24 5m).

The banks are seeking the
appointment of a receiver for
the group, following their
agreement last April to dec-
lare a moratorium on interest
payments. The. suits had pre-
viously been adjourned to
dates In March, and the sub-
missions of the two brothers

were not immediately made
public.

A hearing last Saturday
was the first time a fall argu-
ment was presented to the
court in the banks* case
against Mr Abdul RAhim
Galadarl and Mr Abdul Latif
Gaiadari and their companies.

The largest creditors are
Dnbal Bank claiming some
DH 360m, and a syndicate
allegedly owed DH 260m led
by Citibank.

The banks have been try-
ing to reaeh agreement with
the Galadaris for the orderly
winding down of their busi-
ness empire. The Galadaris
have refused to give up
manag em e nt control, although
this was said by the banks to
have been a condition of the
moratorium.

Counsel Cor the largest
creditors alleged misrepresen-
tation of assets and liabilities,
dieufioo of assets out of the
group, entering into finanriai
transactions in breach of
existing agreements with
luiih , and wilumiu paiiwit
of Dnbal Bank.

Evidence was based In part
on a report made by accoun-
tants Arthur Young, which
was commissioned and ap-
proved by the Gaiadari
brothers.

The Gaiadari brothers for-
merly had a 67 per cent share
in Dnbal Bank, which was
taken over by government-
owned Union Bank of the
Middle Kant (UBME) In
April 1985.

Bourse move takes wraps off Constantia

BY PATRICK BLUM IN VIENNA

THE long-awaited, announce-
ment by Constantia 1 Industrie-
holding, the holding . cympapy
of the Turnauer group, anp r of
Austria’s largest ■private indus-
trial empires, that it will seek
a listing and sell shares on the
Vienna bourse -represtents a
small, revolution tor the com-
pany.

So far Constantia .has kept
out of the headlines, reflecting
in part Its managers’ desire to
keep a low profile and the fact
that, unlike major companies
in Austria's large state-owned
sector, it has , managed to keep
out of trouble ^ According to
Dr Josef Tans, a member of the
group’s managing board, group
companies have been making
steadily- rising profits. -

The . group’s 1 consolidated
turnover has grown rapidly in
recent years rising from about

N. AMERICAN
QUARTERLIES

CONSOLIDATED. NATURAL GAS

Sch 6.Sbn in' 1983 to around
Sch 9bn ffSSQm) last year. Pro-
fits— to be published with the
.$hare issue prospectus later this
raonthr— are not . -usually dis-
closed, but Dr Taus says that
cash-flow rose from Sch 600m
in 198$'to about Sch 800m last
year. .

. The group’s success is attri-
buted to efficient management
and above an to the efforts of
Mr Herbert Turnauer. its 78-
yearold founder and the chair-
• man, who with two other mem-
bers of the family retains a
controlling shareholding.

Mr Turnauer comes from a
family of industrialists who
lost most of their holdings in
Czechoslovakia at the end of
the Second World War. In Aus-
tria he started again almost
from scratch, making paints and
varnishes as the family had

done in Czechslovalda.

From that small beginning
Mr Tumauer’s business has
grown into. . a large diversified
conglomerate with ' manufactur-
ing plants in West Germany,
the UK and Tunisia as well as
trading companies in most west
European countries.

Constantia’s most important
company is Iso-Holding which
produces a wide range of chip-
board, laminates and insulating
materials. Turnover in 1985
exceeded Sch Sbn.

Next comes Neusldler. a
manufacturer of fine papers in-
cluding wood-free qualities for
photocopiers with a turnover
of about Sch 2.7bn last year.
Other companies produce pack-
aging, both aluminium foil and
corrugated paper and. in a
mbre ' recent diversification,
electronic equipment

Since the 1970s the group has
not only diversified but more
importantly, brought in young
professional managers. Each of
them has- a small stake in Con-
stantia. This formula is be-
lieved to be one of the main
ingredients for the group's
success in recent years.

The Vienna bourse is cur-
rently some 10 per cent below
its peaks of mid-January after
a dazzling run over the past
year. Share turnover rose six-
fold in 1985 and the equity con-
tent of total stock market
activity rose to 25 per cent from
just 7 per cent in 1984.

A number of new issues are
expected over the early months
of this year. Constantia’s
approach to the stock market
is being made in a series of
moves which combined could
raise more than Sch 300m.

This announcement appears es a matter of record only.

UUIUy hoMins company
Fourth quarter 1986 ISM

. S S

Rovanua 91 5 An 92Bm

Not profit! I0t.2m 78.4m

Not par shat*..;. MS 0A&

Yur

Revanua 4.06bn 4.18bn

Net profits 46Mm 366 -3ra

Not par after* ............ *.42 3.85

Stas! and atnaJ products

■ - * *

ninrt«iiN . Taj.&m moah

Net profits Sa- 6 ™

Net per shire ........ — Ail 3,16

HKMaOHOUFHQUMNGS

lJMfTSD
tttSSOJMUU
RoarbaOKSam*
NOTICE IS HEREBY .GIVEN Apt
Rote of Inf e st -far the ■scood wo-
pstiod on Coupon No-*4tas been (tod
of (Bttb psr ownim and Sint lbs

■SJHZJB. The total Mwwtf dse
4 dt* May 20, 1986,

CassadiRisparmiodelleProvincieLombarde

US. $300,000,000

Euro CD Programme

Dealer

Citicorp Investment Bank Limited

Issuing and Paying Agent

Citibank , N.A.

6th February, 1986

CmCORPO INVESTMENT BANK

AH these securities kavm& ban sold, this mnmmamait appears as a mater of record only.

NEW ISSUE

February, 1986

EUROPEAN INVESTMENT BANK

U.S.$200,000,000

“Biennial Payment” Bonds due 1996
(with 5 biennial interest coupons each of nominal
19.125 per cent, attached)

ISSUE PRICE 99.70 PER CENT.
Interest payable biennially on February 13

TheNikko Securities Co., (Europe) Ltd.

Banca Commerdale Italiana Banque Bruxelles Lambert S. A.

Banque Internationale & Luxembourg S. A. Banque Paribas Capital Markets Limited
Barclays Merchant Bank limited DresdnerBankAktiengesensdiaft

EBC Amro Bank Limited
Merrill Lynch Capital Markets

GenossensdbaftBche Zentralbank AG Vienna

Swiss Bank Corporation International T limited

Sparekassen SDS
Wood Gundy Inc.

This announcement appears as a matter of record only.

Siderca

TECHIHT

S.A.I.C.

US. $21,037,500

Buyer Credit

Guaranteed by

Banco Nacional de Desarrollo

Arranged by

Citicorp Investment Bank Limited

Provided by

Banca Commerdale Italiana of Canada

Banca Nazionale del Lavoro of Canada (BNL Group)

Bank of America (Jersey) Ltd.

Bankers Trust Company

Banque Paribas

Citibank (Channel Islands) Limited

San Paolo Bank (Bahamas) Limited

Union Bank of Switzerland

Adviser to the Contractor

CITIBANK, N.A. Italy

Citicorp Investment Bank Limited

December 16, 1985

CmCORP O INVESTMENT BANK

.. < T *Cv-^ : r-

Financial Times Thursday February 20 1986

INTERNATIONAL COMPANIES and FINANCE

Low dollar costs
attract borrowers

Germany
seeks limit
on banks’

‘Parfum’ dealers scent success f bondmarkct E3

BY DAYTO MARSH IN PARS

BY MAGGIE UftftY

A FRENCH fi na n cial futures futures came to London. Paris should provide the necessary well be resolved if a Right-wing
market is due to open for is out-distancing Frankfort, liquidity for a futures market government taking power after

THE RACE among borrowers to
lock into low dollar interest

' f.. »i » lll - l market is due to open for is out-distancing Frankfurt, liquidity for

borrowers to fortably within the oommissloiis. U fU^WlllIlg c^iag.totoy..m l u M g g tte tot Jort^sM Amrtordsm in its “develop,

liar interest xwo floating rate note issues 0 tune . that the US-pioneered approach to futures. A total Of

costs continued in the Euro- were launched yesterday, an
bond market yesterday eneour- event sow quite unusual in this

By Jonathan Can- in ftwkftirt ***&* **

contract,

which and

in financial instruments has trading will start today, will d’Egcompte, and the Rig Three

general elections next month
: 44 stockbrokers lifts foreign exchange controls
banks — Banque as promised,
md the Rig Three Banks for the -time being will

aged by the firmer New York market which has been shortof WEST GERMAN banking super- been introduced on the be In government bonds, using state owned tostitutions, Banque be able to deal in bond futures

MJ Hit JJAUBCA new A Win UMTACL WJUUI UO=> UWU BUWli Vi 7” — _ _ j r. ,~- A -

bond market overnight. But new deals. The first for National vlsora have proposed concrete Continent

basis for dealing a Nationals de Paris. Societe

awnras a-ydsararsa *• «-ej-=ua us 2S&s=srs**j£ ss-stfsssswt

little higher yesterday.

lt.m Mme Se 0NGcTf I ^growing Euronotes market. the third floor witt a IB .per, cent coupon, tte inw adw..

ig -orders throu
in line ^with t

run by banks operating in be housed for at least the nest maturity seven to 10 years and have already acquired seats on monopoly on bourse trans-

visits to the market launching India, the energy group, and
a $200 m ten-year non-callable was slow to start.

It has been clear for months of the Paris bourse, has been The explosion in issue volume Another

deal led by Credit Suisse First
Boston. The terms looked on tlie

National Bank of Canada’s
9150m issue has a 12-year life

that some move was in the baptised with the somewhat and transactions on the Paris mainly banks— have pot for-
offing unprepossessing name of capital market in recent years ward their candidacy and are

actions which the brokers have
institutions— kept intact for 180 years,
tve put for- However, banks and brokers

w OI icouu uoo a 11 * 1 ; _ — B — ,, . I | main-/. £>UV bUUlC WULTAVl IUC HUM

and 18 non-callable for five vis ory o ffice in dealers axe giving it the more one to be launched first

unprepossessing name of capital market in recent years ward their candidacy and are will be able to deal on an equal
Mgrche a Terme d ’instruments (see chart) has made the bond in the process of completing footing in the tresory bond

__ ... . 1 . uu ««uo iii uw process at compieang rooung in me iresoiy uuuu

i™ JESTE iwiin hafS financiers (MAT1F) But some contract the most necessary formalities to join up. These contract And the brokers*

years. It wiU pay interest at Proposes to the various Ger- aUurins appellation Parfum
* Per cent above six month man banking asaociatiow and (Parisfutures market).

dealers are giving it the more one to be launched first. Include five * foreign-owned monopoly on futures bond I ®6i Vte 83 84 ’85- 1

alluring appellation Parfum Based on “dry runs" carried banks, including represents- trading wQl be lifted from Sep- Iw-wmow J

(Paris futures market). out last week partly to test the fives of the UK, Belgian and tember 1— an extra trading .. . . .

The market was originally mstalled information tech- us banking community. opportunity which the banks b* able to train staff in prepara-

intended to be launched last 2®™^* volume in the a second contract in treasury are looking forward to with y*** ^ S y^L n

autumn, but was held up by first few days could total a few bonds is due to start in the relish. . callrag.. the petit Dang in

V ■ KnHilvnrl nnut ii> nl n n Uh -a, . • — m _ — * ‘ * f ' KAnTMttnM* -

TESH&VEFSI Libor and feestotal 60 asked for events. A tend maTtet^ originally S» teST- Bs bi£kS reSnSSg

rent fres^Buttite deaUmnroved P° iats - Morgan Stanley is the ^ held m Berbn intended to be launchedlS trading volume in the A swuSh contract in t

SX3T thT lead manager, and the bonds on AP* 11 l5 - autumn, but was held up by first few days could total a few bonds is due to start

rougn tne a y ana Ci0sea were trading within the 35 basis Like the steps announced by organisational problems, in- hundred contracts a day. Mr next few months

trading within the fees.

fl ilen The ONGC issue for 9125m tha German action is meant to together necessary computer director Of the clearing house contracts— the European cur- provides one reason why banks a refundable FFr 500.000

launche/T^ieht^Uri^S icS? has a 10-year life with nut ensure that banks’ underwriting systems. The start-up represents company set up to centralise rency unit against the yen and have been less hurried than guarantee papneut. will be

if Stions after five and sefm Euronote issuance facilities a key element in efforts by transactions on the market the dollawould be introduced brokers to adhere to the ex- between 900.0W and

?nd S h2a S*nercLt ySS^dmills after toee. The have adequate capital backing. Paris to keep pace with world MUm toe flm da£S total around the start of 1887. French dump to new. However. m9W,000. This jalro ^dudw

lish. calling,, the

The lade of complete trading September.

the Bank of England last April, eluding difficulties in putting Gilbert Durieux. managing Foreign exchange futures possibilities before September

lling, the "petit bang" in
iptember.

The cost of a' seat including

and has a Si per cent coupon years and calls after three. The
and 100* issue price, with Mor- coupon will be aet at A per cent

nun uiuj ttauc price, wim mop *• i'** vstinn.

gan Stanley as lead manager, above six month Libor and fees half of the banks’ obligations Xithourti markpt

?* - ....... aT1.ii wpk cot at 4K Ka-eic nnfnte Inr h a "JUIOUgn tne maraei IS Sian

-The. main nmnncai in that I wide financial market iimo- could be around 370 contracts. currency controls presently pre- even though they will not contributions to the cost of the

f he ™ 8 tn proposal IS inai I JJ pwwflTit onwrimurri hnnil thu a# fnraiim Iwnmo flnnr mortihns right new technolOBTV IS well as

Present government bond vent the start-up of foreign become floor members right new technology as well as
trading volume is about exchange trading in French away, banks with seats will have capital subscriptions to the

* e I,al a ys-'M ^ m TL a tttti as ssnt , s>s.'S3«

H per cent fees. CSFB as sole lead manager, counted as loans for the pur-

Fletcher Challenge, the big Demand for the bonds may poses of calculating capital-to-
New Zealand company, is a come from the Far East and lending ratios. So far this
little known name in the Euro- syndication was continuing business has been treated as
bond market and it had to pay overnight off-the-balance-aheet and benbe

up for a 9100m issue.

The window which has opened I needing no capital backing.

seven-year non-callable bonds sterling secto r allowed Both Bundesbank and federal lOLSCB ■■ w arg ^ n ■■■ by our Paris staff

have a 9* per cent coupon and MEPC, the UK property com- supervisory office have re- AiUOVO V T 1 An)UU by OUR PAMS sta»

were priced at par by CSFB. pany, to launch a seven-year De atedly warned of the noten- BY PAUL CHTOERIGHT IN BRUSSELS THE FRENCH second man** on to the market— amounts to businesses, was oversubscribed

With fees of 1| per cent the £50m issue yesterday, led by risks involved, and late last »A V nrrc T . . . . , . or uifiiBted section of the bourse more than FFr 50bn ($&95bn). 150 times on February 4. with

spread over Treasury yields was Morgan Grenfell. The bonds vear ^ viere asked to j Bruxelles ^ Lambert, hoped when the placing was ^ undergoing a period of The generally small offerings lLlm bids made for 72,000

132 basis points at launch. Some are to be rated single A by Drav ide a detailed breakdmm of ■ “*° nd ® £ * he HeW ongnally planned for January, frenetic activity which has seen of shares, coupled with, inces- shares offered at FFr 125.

investors were buying the paper Standard and Poors and offer involvement in this ^ ^ several new issues more than sant demand from investors Supra, a company making

to swap into floating rate money a good margin In yield above market. J?*" „ exchange ftictiiations hundred times over sub- which has driven the Pans wood fired stoves and heaters!

with a nurginwell over Lon- UK gilt-edged stocks. The The^ new proposals are widely SlW? ^BL^bfen^Sn^Siur- acribed dxaia « the ^ few bourw ito record highs tiUsj fee^ was iwSSuSSSed 120 timS

don interbank offered rate coupon is 11* per cent and regarded asfa£reaching and It iSLf~2? weeks. ha® led to massive over-sub- ^ Febnxaiy 8.

a- ~ .rsispjsjstjsji »£?sS«l 2 »s fiswapaa ss, w -— l s*

Banque Bruxelles placing
raises over BFr 2 . 5 bn

Second marche hits fever pitch

BY PAUL CHEESERKSHT IN BRUSSELS

was is undergoing a period of

With fees of 1| per cent the £50m issue yesterday, led by L-j ris ^ s involved, and latelast « 4M nrrr „ T — v j v

spread over Treasury yields was Morgan Grenfell. The bonds year the were asked to Si^SJE* hoped 11 whe , n ** 1

132 basis points at launch. Some are to be rated single A by provide a detailed breakdwon of second origt^Ry planned for Janus

investors were buying the paper Standard and Poors and offer tE SivolveSrtta tWs 52L2°?£?*!!S ,aI , com ' ? ?** de l ayed *>“85“

to swap into floating rate money a good margin in yield above market. pleted the placing of lm new foreign exchange flnctuatii

with a margin well over Lon- UK gilt-edged stocks. The Th* new nronosals aro widelv ^ ar ” wl _^ 1 financial institutions and a sUpping market price,

don in ter -bank offered rate cousxm iTlli ner cent and ESSSSZLzl “ . France - Germany, Switzer- BBL has been seeking ass

SsifeF" wskbubss SssahS'

Avon (capital, tne oorrower just insiae mat discount. Th e t r oresent form,

which recently cancelled a New Nomura International devised Note-issuance facilities

twice over.

The price was set at y ester-

ssa

The issue is part of a l^ier- « TlSS^KSTStifS S- „TS "L> CGI Informattque. the software

te«n exercise to strengthen the £ JS?2LSSC Jw Tre £ thTSltton iS oomP«ny. for which bids of

konir'B Ka.. i. «k. medium C 0 iHpame® to bring a vesture are in the position 01 __ .if ommiaii nn»i«

buy another bond. Morgan KawasaW Steel Coloration. W iSSTk SUffi celSKreekSd S^TxSft 1 “ySTsShS to ** bS»I

GuarM^wn the mandate and Unlike recent issues w&ere the underwritten by banks or arehSSat the tS tftheir amoved an SreSftoimE Three years after its incepti.
structured the issue as a three- redemption amount is linked backed by a credit line which imwSi trading range fi o^d^pSl fS^BFY 9 14ta -° ne of the series of finand
year bond with a 8} per rent to the yen/dollar exchange rate be drawn on if the paper BFr 1,670 to 2.630. to BFr 15bn bv 1990. Since' then marttet reforms undertaken 1

“5S“ mjmn price, ttta i^Obn te wUl be falls to seU at a specified Srire. TOs’bmited toe bank’s capi- the Socialist Government-mo

companies to bring a vesture are in the position of

1 portion of 10 perrent being able to bid for practical^ SS?4Mti5£

■SUSfflSJtSJSSSS

onV-,r M nt ih»t tho nrlea The initial offer price of FFr 310

ts inception 80’per cent chance that the price ig? ffSSVSK. w w

icked by a credit line which 1985-86 "'trading range of w£ed capital from BfT 9.14bn — of series of financtol ■ new effort to launch the stock

n be drawn on if the paper BFr 1,670 to 2,630. to BFr 15bn bv lfifiO. sinv then market reforms undertaken by the weeks after the issue. . mart* mi Vuhrairv ir.

Us to sell at a specified prire. This borted toTbank’s capi- JSJtowTO aS **» Socialist Goverament-more Several time Bj offerings have i*™** on February 18.

Commenting on these and tal by more than executives had raised on the domestic market, than 130 stocks are quoted on been posteponed because the Many companies see m anx ious

her novel finanring techm- the market in Paris and on pro- size of the allotments would be to .capitalise on the extraordi*

tes last year, the B undesbank ” vindal bourses around the below die bonne minimi mv nary investor appetite before

ressed tiiat the banks were Tarry j ■ a w xy •««. country. Total capitalisation of Dynaction, a holding company the French general election on

while the warrants priced at redeemed at par in yen after Commenting on these and
915 each buy into a seven-year 10 years. But the 7* per cent other novel financing techni-
9 per cent issue at par. Both coupon will be paid in dollars ques yese , the Bundesbank
the host and the back bond are at an exchange rate of YJ81.20 stressed tiiat the banks were
non-callable and warrant hoi- to the dollar. Issue price is 101 trying to take part in inter-
ders can exercise at any time and fees are 2 per cent. No notional lending without in-
during the three-year life of trading level was seen for the volving their capital in the pro-
the host bond for c a s h . bonds, cess. This in turn reflected the

NZ Synthetic fuels facility

slow the bonne minimum. nary investor appetite before
Dynaction, a holding company the French general election on

companies quoted— only a frac- specialising in taking over and March 16 when demand could
tlon of which has been launched redressing small and medium turn down.

the host bond for cash.

The fees were set at if per

BY PETER MONTAG NON, EUROMARKETS CORRESPONDENT

The market in D-mark Euro- impact of the debt crisis and BANK OF New Zealand, and written to a value of 970m for I

cent, and were quoted within bonds was active yesterday with the moves to tighten debt- S. G. Warburg are arranging a which banks will receive a 10

that discount, while the war- prices gaining up to a i point
rants were trading around 918. in places. Investors, both

equity

tries.

ratios in several coun- 9100m. five-year Euronote Issu- basis point annual fee. Half the

Late in the afternoon Banque foreign and domestic, were en- The central bank warned that Synthetic Fuels.

es, including Germany. ance facility for New Zealand underwriting can, however, be

FT INTERNATIONAL BOND SERVICE

held In reserve for a reduced

Nationale de Paris launched a couraged by the weaker dollar, the risks from these develop- The facility allows for the fee of 6} points Listed are the 200 lateel

deal for itself raising 9125m. No new Issues were launched, ments should not be under- Issue of short-term Euronotes New Zealand Synthetic Fuels
This matures in 1993 and has an The Chrysler DM 200m issue., estimated. In general the carrying a m arimum margin of which is 75 nr cent owned bv

8| per cent coupon and 99} launched late on Tuesday, market had become less trans- 10 basis points over the London the government and 25 oer cent

issue price. Fees are 1} per traded around a 1* point dis- parent and major interest rate interbank offered rate for Euro- by Mobil Oil. socialises in Amav 10? 32. 180

cent and the lead manager was count to issue price, within the burdens were being placed on dollars (Libor). turn ins- natural was internal. AmB * c«*«r m so . — too

indicating a tradirw level com- 2iner cent fees- borrowers. The Vote* will ha tyww ^ gas uuo gastH Mu. RfcMiaid iw .00 so

Listed are the 200 latest international bonds for which there is an adequate secondary market

. Closing prices on February 19

indicating a trading level com- 2}- per cent Lees-

borrowers.

The notes will be under- line.

\\felbeck finance pic

£70,000,000

“«e. Australia Com. 11 95™ 2D0 111*, 111% -V, +lh S.ti

Australia Com. 11% 00 100 112V 11% -0»*.+1>» 0.H

VTd w m „ BP Capital 11% 92.™*... 150 TOVICKh+bV *«•

TTG Innlrc «■# c«mpb«« soup tovw n» io**ioev^<»r+<«r #.ia

UCJ lUUlU) 211. Canada 11** SO. 600 10M, HOT. +0V-Hft

^ Canadian Pac. 1OT. S3._ 100 W5\ 10*H +0*, +1H 8^

Jn/lnv linlrnaft Canadian Pae. 12H 99™ 75 111>aim -0V +1 ’2'S

maex rniiang cbweio*. 9 i .. — 300 * «£.-«.+« m«

w Cbevroa USA 12V SOO TOPi lOfl, “<A tOM

MR JAMES BAKER, the US Chicot 10 88 mo vu\ iw. - 0 «, +OT. S.M

Treasury OAATPtflrv mid thut IiIk Citicorp 10*W 300 103%|1^Mi 0 ^-OV "OaOl

iTea sury &e creiflzy, raia that us m m 10Q 10B w, -<«, +ot» an

department was looking at the Danmark xadm. iiv> ss loo ioo^ 100 % -o>» +ov 8-77

possibility of issuing indexed Danmark JCgdm. t\h » loo IMS -wn “W, +OT, ««

government bonds. But he added 114 92 2 s wLios'+ft+S

that he bad "some reservation’’ eecs^so aso 102 *, no -o»« +on sjbi

Out they would help keep infla- eib ua 94 » 0 1 ®, -wot. +ih 9^5

worth wntre n«m New York. Equtt. Lrt. mty. 104 97 100 1034 u» 0 +or* s m

Mr Bakers comments, made Export oa«. cpn. ion m io«>, -ras*. -os -ha b.69

In response to a question in Fad- °*p- Sun. 10 s 95 100 ios*, iob +W» +JA 8^

f fl , lS^? I toJS2 lno^y, RSSSSSiSSS !SS?SS=SiS 5 jo

a flurry of interest among bond Fom Motor crd. 12 as 100 iio* t mv -o»* +m lorn

market analysts last night. How- San. □. crad. iov 00 200 imi, 104*1 0 0 8.71

EEC 8* 90 350

eib un. 94 aw

EIB 12 95 200

Si Lilly im. 92 . iso

Changa on

lammd BM OOm- day waakVWd
100 104^ 106*. -0*. -HA 9.36

700 no*. K*\ —os +OS as®
2SO WO*, 100*a -IV -1h 10.10

am in*, ms -os, +is a.i*-

100 H2S 11ZS -0*».+1S '8.5® -
150 W7\108Si 8JJ2

700 1O^»100S : -OV-H>% 8.13

600 100V 11OT, +0S-+0S asi

100 MSV105V+OV+1H 8S«
75 H1*» 111 7 * —OS +1 1081

K» 106 105 1 * -OS +0V 8J5
600 106*» 10SS -OS -OS VIM

200 VHV 103S -OS +0S 8.64
200 103V 108V 9 +OVW.01

100 105 W*-0V+0V 8.75

100 106S 108V -0V +0V 8.77

WO MOV K»V — 0V +OT. 8S6
100 110 1W4 —OS -I- TV 8X5

22S 104*2 105 +0S +1V 8*2

350 M2V 703 -0V +0V 8J1
200 105*, 106V -OS -Hh 9-15

200 115S 116V -0V +1V 9.SI

150 105V 107 -OS +OV 8J»

Papatoo Q. B. 13 90 AS
'Gvrad. Ex. Cr. 13 B8-AS

Changa an

Oimt STRAIGHTS UMtmd BM Offer day mok YWd
Banclaya Au. m 90 AS 60 53 M O +0S 14.81

CmUunstalt 12V 80 AS 50 A7V MV O —OS 133S
Pwtan C. R. 13 90 AS 50 98V MOV +0V +0V 1X82
Gimd. Ex. Cr. 13 68-AS 40 97V 98V —OS O 13.79

Canad. Pac. m 90 jCS 75 1104 102V +2V 47 9.72

CISC 1M eo cst -78 moos toov o +os to.si

Qanatar Rn. IjV 96 CS 7S 1104V10BS+3 +1 HUB
Montreal IIS 95 CS ... 75 tICSS 103S +OV +1S M2»

Ry.TnwtM ;WV« m c® 75 Me 9#s +T +iV ioso
S eam Acc. 10V «CX^ 76 fWOSIOOS 0 0 MAO

F - Vi 52 75 10S * MS O -OS 15A9

Eqult. Lid. Rlty. 10S 97 100 103S M4 0 +0V 984

Export Dav. Cpn. 10 90 MO TOP, TOSS -OS +OV 8.69

Fed. Dap. Stra. TOS 95 MO 104S MS +0S +0V 8JB

market analysts last night. How- 8«n. b. cred. ios oo aoo

ever the likelihood of an early ’S' S aS

move to introduce index-tinldng Jadb 9 v °95 wo

103V 104V 0 0 9.71

104S105V —*P» +0S 90S
MSV 104S — 8V +OV 9.39
103S KMS —OS +1S 9*4

Tender Panel

Acceptance Credit and Advance Facility

was broadly discounted in the iadb ios 9S mo iots mbs +0S +1S 8J0

market, on the grounds that Kellogg Co. ioV 90 — .. too mss iobv +os +os s.is

indexed securities were less mo i?SiiS^S+S mo

interesting in a period of falling Nippon cr. bk. ms 95 igo mbs tots -os -pi a«

inflation and dedining deficits Psinbury Co. ios w 100 0 +n 8Bi

rad 1 a imreMhie t ®- A ’^ » »« rrasiMV o +ov 8J2

rad increasing government Qanua Airways 10 s * i« M«v 107S 0 -MS »ji

funding problems. Quebec Hydro IIS 92... Mq 1O0S 1W —OS +1 8.48

Managed by

N M Rothschild & Sons Limited

inflation and declining deficits pwsbury co. ios 93 ... 100
titra at a time of high inflation ££ ct ii^i{5's A ij? « sS
rad increasing government Qanua Always 10 s * i*»
funding problems. Quebec Hydra lis 32... Mo

• .The Treasury first began con- ift re iS

sidenng indexJinldng- to the SErawSSTiov «i*

earty days of the first Reagan Saskatchewan nv 89... mo
Administration, When Mr Beryl Scandinavia Air ios 95 ISO

^ a“ wife 1 ? TferiiiTio ISO

management, was concerned swad. Exp. crad. io sz mo
that the Treasury was locking sw. Ex. Cr. iav aa xw 100
| itself toto. hefty long-term S2S2 T&2?“SK"K SS

MOV TOTS -OS +1 945

103S 104 0 +1 Ut

M2\ 10ZV -OS +0S 932
112S112V O +OV 8-92
M4V107S 0 -MS 9JTI
1t»S IM —OS +1 8.48

M6S106V 0 +1S 8 M

nos im +0S +OV 8S8

W7V MBS -OS -MV 8jS4
109S IMS -OS 4-OS 8.64
103S 10SV -OS +1 9.56

10»S 104V -OS +0V 8.70
109 109S —OS -HIS 8S7
104V MBS -OS -M CM
109S 109S -OS +0S 9A8
105S 108S -OS +0 7 , 9.02

Soars Acc. 10V 82 CS~ 75
Coca-Cola F. 17 90 NS 75
Kredttak. Lux. 17 88 NS 70
Nordic I. Bk. 18 88 N8 GO
Copnbagn. C. 9 95 Ecu 40

Eutolsat 9 93 Eou GO

Wart Oltnoy «V 94 Ecu 63
Hondo WW 3S 90 Fl- MO
Honda XW 90 R ... 100
Thyaaon 7S SO R ...... 50

Waraldhava 7S 90 R ... 75

Woaaanan 6V 90 H ... 60

Raniy Mrtn. IOS 90 FFr 250

A mow 11 83 C 50

Auatralia Com. 11 92 C 40

BB IIS 83 C 50

GMAC UK P. IOS 90 e 30
Imp. Ch. I od. 11V 95 £ 78

Imp. Ch. Ind. 10V 92 £ 75

McOonakJa 10V SO £ 40

Mtahahl. F. HK ti 90 t GO
~ NSW Treaay. IOS 92 £ 60
Rank Xarax 11 92 £ .„ 40

Royal Ind. 10V 92 £ ... 00

J. Salnsbury 10V S3 £ 60

THconlral XW 11 92 £ 35

Todiso. Fona IIS 90 £ 50

World Bank 11V 95 £.» MO

COE BV 95 LFr 800

N. Lux. Al. IOS 92 LFr 600

0 2-47

-OS 8.48
-OS 8.52
-OS 8.75
-OS 6.54

F LOAT ING RATO
NOTES

l bb ?" “ • aOOOEOV.

An 0 l« Bldg. 5. 5 98 £ OS 39.77 S/I II?

5 a000km ‘ 39938 W24 1U3 ’fiJI

BFCE 5V 99

BNP 5V 96 __

BNP 5V 99

Britannia B 93 £ .
CCF 6V 97

Tender Panel Members:

T Smdu Kgdm. 1W 90 200 MTV MTV -0 +1 8 M

mere st cob ts because of the j gv^un K gdm. 11 s 88 200 mbs ms -ot. +os 8.70

:§|S5 R3.Sf S.

Bytvti== F= si B 1 .s

1 1™ =oS SIS SS fin IS
Lyonnila 5V 96 OS UM 32 M0.72 11/4 BS

Cradh tornin... 6 2000 OT» 1W.12 MO *2 tfA 7M

& 531 SS

Uwds Bon k^Pa’ra »•» 1004)0 28/2 8-44

jag/asarrs; SS SS AS a

Pradwtial Cpn. 4 95 £ ai ’£5 M 1178

5’ ni^ B Pwrp, . QV IQO^X) 100.1Q Tl/ft R 14

fftSSW & 18 S i&S

Aireraga pries change*... On day + Qjn on vrk. +0.01

prevailing high rates.

Algemene Bank Nederiand N. V.

The Bank of Nova Scotia
Banque Beige Limited
Banque Nationale de Paris p.l.c.
Bankers Trust Company
Canadian Imperial Bank of Commerce

Banco di Roma

London Branch

Bank of Scotland

| DOMESTIC BOND
MARKETS

Sweden Kgdm. 11V 94 100
Tenneco Cpn. 10V 95... ISO
Uld. Tech. Fin. 10V 85 MO
Victorian Rep. 11V 92 150

World Bank IOS 95 300

World Bank 12V 94 200

111S IMS -OS +1 8.67

MBS W6S “OS +OS 8.79
106S TQ6S +®S +1S 8-67
110 1MS-OV+OV 9 -35
107V MTV +0V +2S 8.91
120S 1»s 0 +2 9 jas

Average price otaange«.„On dey-OS on woek+OV

Credit Agricole

LmnLhi Branch

Credit Lyonnais

London Hranch

Crediianstalt-Bankverein

Banque Bruxelles Lambert SA

London Branch

Banque Paribas

iLondoal

Berliner Bank AG

London Branch

Commerzbank Aktiengesellschaft

London Branch

Credit Commercial de France

London Branch

Credit Suisse

Prices ease
in Tobyo

DEUTSCHE MARK
STRAIGHTS

Asian Dev. Bank 8 9* 200

Copenhagen 7S 95 150

Credit National 8S 200
Dow Chemical 5% 96... 300
EIB £V 99 .... 200

Change on

I Bound Bid Offar day week Yield

Dresdner Bank Aktiengesellschaft

Loadon Branch

Hambros Bank Ltd.

The Industrial Bank of Japan, Limited
Hie Mitsubishi Bank, Limited

National Australia Bank Limited
The Sanwa Bank Limited

Deutsche Bank Aktiengesellschaft

London Branch

The Fuji Bank, limited
The Hongkong and Shanghai Banking Corporation
Kleizzwort, Benson limited
Morgan Grenfell & Co. limited
N M Rothschild & Sons limited

THE TEN bond market eased gig 71 , 94 300

amid growing concern about Emhart cpn. bv ss — 175
recent price rises. These A in

stemmed from expectations of p a 'rrovie Deiio St. s 91 mo
another cut in the official dis- Hniand Republic 7 92 ... 20 a
count rate after the yen’s nurge °® 1 uld J , 2> S n - 1,1 fll — ’5

SSSLhS 8 fiJZSulS* BfSfi S

Nlsfalwakl of Jdl Press wrttre. japan n». Con. 7V 9i 100
The yield on the bell weather JJtsbmhj. M. AMWW 100
6JI per cent Government bond ou2h2c xS

due In July 1895 rose slightly Rente ?‘v ss ido

to 5.470 per cent from Tups- soe. c. Nuclear ts ss ibo
day’s 5 465 ner cent Soc - c - Nuclear s ai-. mo

TaHhSfci? C T!r nB4 - M 8. Africa Tran. T\ 82... TOO

Institutional tovestors and Wori j Bank 7 95 goo

dealers remained bullish in out-

look but stayed passive, bavin? Awr»s« Pdo. chona^...

already bought largely in antid- £S*S,S5 HC

a ^ ^ diiCOtml 2^^?Con.6V9*^M

rate CUt. Hr. Land. Comp, 6S 99 75

200 106S1C9V 0 +0S 640

ISO MZV M3S 0 0 6-89

200 10BV 106V 0 +0S 6.68

300 1QZV 103 0 0 6-37

300 flCOV 103V +0V +0S 8.46
300 104 lOSS 0 +OS 6-59

175 t98V 99V 0 0 6-88
150 - 97V 98 V -OS +2S 8.42
100 100S 101S +0V 0 7J4

MO 104 V MGS 0 0 8.77

aoo 102 V loss -os o a .37

100 104V 105 0 +0S 6.54

ISO 105V 106V —OS O 8 -SO
125 1S7S 98 0 +0S 7.13

IDO 104V 106V +0S +DS 6.43
100 106 107 +OV+OS 1 J7

MO 92V S3V4-OS 0 SOS
300 MOV 105 0 +0S 6.44

100 104V 10SS 0 +0V 7.00

180 102V 103S +0V +BV 8^4

TOO 104V 106V 0 -OS 6 -79

TOO 92V 92V 0 +0S 9.16

OOSVBmBIE Cny. Cttv

sss™ 3 ss e aasS ss

Comraw-z MOO _.ia/85S« iiS? iff* nra

bonicsn 7 2000 1 S/85 23 ^2 t112 ilx _?£ It’S

S 3 “y 5 .r-i-i-ssi-S « ss

0

* !■

V H

•5SM0S-0V —OV 17418
BBS 86V -»0V — OV 18.50
98V 100V +0V+0V 9.00
89V MOV +DS +0V 8.00
• 99V 100V 0 +QS 8.76
3®SS MSV 0 0 ZA7

*0V MV O -OV 6.49
102V MS 0 -OV 8.52
101V10S O -OV 8.75
100s Ml o -0S 634

M 2 ioav-Hiv+ivioj«

98V P*V O +1V11J0
MV 89V +OS +1S 11.11
W1V 101V 40V 41 10.90
•BV WV+0S40VM.73
»9V 99V 40V +1V IT J4
vr 97S 0 +0V 11J4
100 MOV -OV -MV 10.79
W »V 0 40V11JT
MV 97 0 40V 11X2

«V 08 O +0V1132

2S* E. 7 0V+1V11AS
»7V 87V 40V 41V11A1
MV GOT. 0 -IV 14.61
-S. 9 40V 11.66 , .

WHffi 40V + TV 10.92 \A

W*v 10«v 0 Q 9.63

wjjj'x- i— - r »» vS « Si

“ "Ota Canrar* 2V 94 2/86 lias + £ ~S~S

s? s s ss s Sffii =a

SSZ ss- ?ffi ^ ia ™

Nippon OIF Co. _3 2000 lm TO

Do

H/P

d Bank 7 95 600 103V 103V 0 40V 6.49

A vara so price chans**... On day 0 on mak +OV

Sanw. Bank 2V 2005^M/S 3JSJ2L "IS

Sakixui Housa 3 e/S 222M22* “’-S

iris™: ® + & i*

Sumitomo Cpn, 7*. 99 I ton. raS 122? 122^ 4OT. 0.22

Standard Chartered Merchant Bank Limited

The Tokai Bank, Limited

Union Bank of Switzerland

Dutch Issue
draws El 1.2bn

SWISS FRANC Ctaanpa on

STRAJQHT8 teaaad Bid Offer day weefcYMd

Avon. Cap. Con. 6V 94 l30-t101V102 0 40S 6.10

Br. Land. Comp. BS 93 75 t106S 105V 0 40V 5^9
Council or Euraon 5 S2 T20 “t105 1C5V +BV 41V 5.08

Cradltanault 5S 94 100 M01S WV 0 41 5.26

Oautacha Bk. 5V 95 IOB tRMS 104V D O 4.72

Sumtomo Cpn, 2V 99 6/84 S93 igiC XS? 2 V,

Taryo Vucten 3L 2000 8/88 ion *35« 47V 2J0

Ta leads Rkn. 3? SaaililoS w HSuJSl ”1

EIB BV 94 - 120 tioa 103V -OS

aIATdM W «« «6V 41V

Ronown 3V 90 (hj » 19*!* I® 8 +OV 1436

Gen. Occidentals 4S 94 80 tM8 108S +«V +0S 3.42

Glai tefefe F. S&l 5V S5 MO «S 99V 0 0 5.52

Ind. F. Finland 5V 94... 40 til 01V 102 -OV -OV 5.47

Int. Am. Dv. Bk. GV 94 120 1104 104V +0V 0 E.51

N. Zealand Steal 6V 98 70 TM» MOV — OV -OS 6.73

The Dutch Government's N. Zwland Steal BV 98 70 rioo MOV — OV -OS 6.73

third bond issue this year, a obaraa. Kftwk. sv 96... 100 tnav in +ov -os 4-97

•dr-veai* band with a fl? tser rent Dl(«nt( inti, ft 35.. — . 100 ft02S M2S —OV —ft 6.17

six-year pong witn a ccw p, 95 . - im tios wav 4iv 4ov 4^0

coupon, drew a relatively Ralston Purina sv e«... i» tiwvioav 0 -os 4 as
modest Fl L2bn. A total of Santos finance G S4 , M 130 tIOOV Ml 4ft -OV U8

Fl 7bn now has been raised by Tokyo Bje^pr. sv ia Jim imv 0 41 css

.v.„ ,L H . *•, + Tokyo Metro pell* 6V 94 80 t102S 102V 4ft 40V OJP

the three issues, meaning thet sank bv S4 w noSv ms +ov 4i s.os

more, than . one-third of the Avwan* ptic* ctansos... cm dm +ft on week +ov

Tender Panel Agent:

-nownaseoOM^w m i»Vil1V4ft -oS

rtss s >

"gttOTSraLv^agug * ' •
sarSSSSSF&Wss ,

CnnvefKhu Cxpn—Tha currant COUpa*- •

Fl 36bn public sector borrowing
requirement far 1086 has been
covered.

Cwwwtfefe Bmvlt DmiftStaJSFtaT *«(Wl e«poa-
wlM Indktetoli In Golfer* unlMt othar-

nS *>/.Cnv.da«-

N M Rothschild & Sons Limited

February 1986

Instalments beginning in 1992,
giving tile paper about a seven*
year average life.

Changa on

YEN STRAIGHTS

lisuod

BM Offer day woak YiaM

AWad-Sqnai ft S3

-a»

20

99V 99V

-ft 4ft

asa

Calaoe Nat. Tal, 6V

92

26

99V 100

0 4ft

830

Ford Motor Cred. ft 91

20

6ft 100

0 +0V

631

Mt. 8k. Danmark 7

92

10

102V 10ft

0 +0V

6-51

Tnnsatnerlca F. ft

81

10

98V 99V

0 4ft

634

SS, JrSSL *?. Hmra^^nrand In

arrrancy of aha* at cooVaA

pnc« pi acquiring 3 haras via ft, b»rf -am

ttia band #*■*•■ «**

Anngapria changsa... On day 0 on woak 4ft

W te* SrS"mSr&lf^ ?**' R^^edba In who*-

— m wwtur

Financial limes Thursday Februaiy 20 1986

International Appointments

al

"" “ • A~rewarding international development challenge
y\i for a bi-lingua] accountancy professional

The Hague Attractive salary & package

Ourcflento'are B

dfwre/fted interests In the service Industry sectoc
W&Ji axrlmpressJvB growth record In the UKthay
hare successfoUybasn follow! ng a programme of
international development centred on tne USA
and Europe. ' - ; - ' *•

Tftey ere new poteod to maka a major ''
breakthrough in Holland and soak a highly '
commefCtaJChartered or Reg&tered Accountant

to Join the senior management team in

spearheading this opportunity..

Reporting to the Managing Director; the ~
raspons&mesoUWschaflenglRg position wlU
essentially be wide and varied encompassing all
aspects or statutory flscSi requirements, the
provision of financial management information —
and effective cashflow management. As a new
venture, the successful candidate will also be
responsible tor estabnshmg systems, buikfing
and managing the financial team and acMsihg on
purchasing requirements hi liaison with
operational management

Probably aged 28-40 and already In a senior
position within financial management wfth
International company exposure, you should
have experience of deallrns with nigh level .
government ministry officials, some direct data
processing experience and be able to evaluate
capital expenditure proposals.

Attractive salary & package neg.

with : Coupled wtth this exacting background you
ry sector. ' should be looking fortfte challenge of building a
JKthsy new company frwn scratch and have the
ammeot ResabiTity, Initiative and sound commercial

3 USA . Judgement that such a challenge demands.

Our clients win also be looking for a high level of
communlcstionsstdtls and total fluency In both
ity Dutch and EnoHsft Is an essential

tountant requirement. Preference win be given to
- - candidates with a knowledge of Dutch

- accounting procedures.

m will win beinteeplng with SiS^orle2^Stt^i

ssingail position. Relocation expenses will be available rf
he necessary.

^Applicants should send s full CVwith deiaiTs of
VEr current package In strict confidence to M.D.

£P?L O'Neil, Managing Director, Ad plan Recruitment

International ftJlQ Limited, Ludgata House,
rising on 107ni1 Fleet Street, London EG4A2AL

■Replies will be forwarded to our client. Please list
separately companies to whom your reply should
Sr ■ not be sent

'AV. ...

CONFIDENTIAL REPLY SERVICE

exceeding U5$450M, is seeking to expand its management team. There are subsidiaries
in alt the m^jor European countries as well as in the Far East, operating in the field of
electronic publications and typesetting systems.

European Troubleshooter

Lausanne,Switzerland c£20,000 package

Reporting to the IntemaBohalDivision Finance Director, therole encompasses the
foOowihgresponsfljiiities: •

' .* liaison with country controllers and general managers

★ .installation o£ management and financial reporting systems

★ evahiatioio and improvement of internal controls

■ hr in-depth yeviewof accounting operations in s u bsi d ia ries
; -'sk Ejurop^ua Head Offi^scooun ting, - . (

SAppficaxus for thjsiuA travel post slwaldpbssess a gtx^utoridngloiawledgeofat ’

1ea«foocma|OTl5airop^ T lb^ an advantage. Quaffed _.V

ACA’s aped 25-35, whowwhtotnovejntoan international company, with prospects of a,
Head Office role within eighteen months are invited ro apply- Weekend return to chosen
(European) base will be paid. Ref. 1073.

Controller

Barcelona, Spain Excellent package negotiable

Barcelona sales subsidiaiyand two branch offices. Specific duties will include:

monthly financial reporting to die local General Manager and International
Division Finance Director

•k devefopmentofa comprehensive management reporting system
■fir liaison with in.ee manorial manageme n t in support of the General Manager
* local treasury management
managCTfwncofa5man.ceam-

' Age is not a. critical factor for this post; However, the chosen candida te must be a
qualified accountant or equivalent, with previous line experience, and fluency in Spanish
or En glish". Awtafang knowledge ofltalian would be an advantage. Kef. 1074.

Interested applicants for either of these two roles should telephone James Foite on
01-831 0431 dr send a detailed curriculum vitae, quoting current salary, telephone
number and reference number to 39-41 ParkerStreef, London WC2B 5 LH.

Mkhael Page International

Recruitment Consultants
London Brussels NewVbvk Sydney

AmemberoftheAdSsonftgePLCgnxqj

BANK DOCUMENTATION

SUPERVISOR

DATA STORAGE and retrieval
Bahrain US $34,000 tax free

Already one of Vie hugest Arab
banks, our client continues to .
expand its world wide presence and
sphere of activities. Consequently
it how seeks .to recruit an .

experienced person to taka

manage its Microfilm Unit .

‘ Candidates should ideally be
laged 2B-35, hold a University
degree, or professional
: qualifications and have at least 5
years’ experience in a similar role,

preferably within a banking
environment (tie essential that
candidates are fully conversant with
the latest developments of data
storage using-microfiche.

The successful applicant will be
responsible for the maintenance of
corporate, classified, biographical
and bibliographical files, annual
reports, tapes and other important
bank documents.

A competitive tax free
remuneration package is offered,
including fully furnished
accommodation, return airfares,
education allowance, pension and
discretionary bonus.

Please send a detailed Curriculum
Vitae to: Roy Webb, Managing
Director, Jonathan Wren
International Ltd.,

170 Btshopsgate, London,
EC2M 4LX, Tel: 01-623 1266,
Telex: 8954673 WRENCO.

DrliBMlI DMKJl bSjrR

APtCQRP is an interAmb Corporation established by tbe Member Slates
cfOAEEC to finance unci invest in petroleum sector projects.

Total assets are around fVOO million.

The Corporation based in Al Khobar- Eastern Province, Saudi Arabia,
would Bkc to make the following appointments

SENIOR PROJECT
ECONOMIST/
FINANCIAL ANALYST

and evaluation of financial/ economic
viability of industrial projects,
preferably in the petroleum;
petrochemical or chemical industries;

★ financial/ economic analybis

including evaluation of financial/
economic rates of rernn u..

★ International joint venture negotiation
& implementation studies;

k Market surveys and Industrial demand

analysis* and-

k Computer based micro-economic -
forecasting and data management.

SENIOR

RESEARCH

ECONOMIST

★ International economics and finance
with special reference to economics
of development;

★ financial modelling and country risk
. analysis;

k -Research of publishable quality and

k Computer based macro-econometric
modelling and d a ta base
management.

Familiarity with computer applications in petroleum economics and finance gained
within the petroleum industry; an international investment bank or a multi-national
corporation with exposure to petroleum business Is necessary. Postgraduate research
experience and/or contributions to published literature in a field of relevance to the
petroleum industry - will be an advanuge.

Applicmcs, preferably aged 30 -40, should be able to take up personal responsibilities
for preparing written and oral management repons on economics and finance of projects.
The successful applicants w3J join highly qualified and experienced colleagues of varied
disciplines and nationalities.

Appointment will be fix an initial 2 jear contract, renewable. In addition to the tax-
free salary, there Is a comprehensive benefits package which includes free fuDy fumidicd
air-conditioned family accommodation, transportation and education allowance^
medicare, relocation expenses and contributory pension scheme.

Please apply in confidence, giving relevant details of personal and career history to:

fil]iIltlLil»rh(l if.'<

J MlHVur Mf'r-Jxi

Arab Petroleum Investments Corporation,
P.O. Boot 44 8, Dbahran Airport - 31932,
Saudi Arabia

<.»! - <

.jl I

ARAB BANKING CORPORATION

•5 ..iv -.-r.o.i r.

E.D.P. AUDITOR

Bahrain based

Already one of the largest Arab
Banks, Arab Banking Corporation (ABO
continues its rapid expansion in terms
of size, product range and geographic
spread. To further strengthen its Internal
Auditing function, ABC is looking fora
seasoned Banking professional to fill a
newly created position in EDP Auditing.

ABC’s financial data processing
-activities are configured primaray around
IBM Syst»m/38s and the Kapiti
International Banking package and
software developments using these
systems. In addition, the existing global
communication network is being
expanded based on direct linkage of
mainframes and personal computers.

The EDP Auditor will be primarily
responsible for the ongoing appraisal of
system developments and
enhancements. The candidate will also
be expected to provide support to the
Operations Auditors in ensuring the
overall integrity of the database.

A thorough understanding of the
following program products used on
the IBM System 38 is ex pected: Control

Program Facility and security functions
archite c ted within the CPF; journal
backup/ restore functions; OFU, Query
and Applications Made Easy. The
candidate should have had extensive
experience In programming and system
analysis with specific knowledge of
RPG- Furthermore, exposure to
telecommunications and familiarity with
the Kapiti Banking package especially
in terms of understanding the parameter
concepts and its database is desirable.

As the job provides travel
opportunities, knowledge of one or more
European languages wIM be an advantage.

A competitive tax free remuneration
package is offered, including fuDy
furnished accommodation, return air
hues, education allowance, pension and
discretionary bonus.

Please send a detailed Curriculum
Vitae to; Roy Webb, Managing
Director, Jonathan Wren
International Ltd.,

1 70 Bkhopsgato, London
EC2M 4LX. Tel: 01-6231266,
Teton 8854673 WRENCO

v^JonatharVWren
W ■ ; International Ltd

. Banking Consultants

London* Sydney* Hong Kong

Jonathan Wren
W . International Ltd

* * Banking Consultants

NEW OPPORTUNITY
IN MILAN

INTERNATIONAL
FINANCE ‘

As part of a major expansion programme, an inter-
national financial institution has opened offices in
Milan and now requires a Marketing Executive to
develop and expand the company's export finance,
corporate lending, and other business in Italy. The
selected applicant will be fluent in Italian and
English, and will be able to demonstrate a sound
international background in the marketing of
financial services. Ambition and the ability to
respond to a demanding new challenge in a green
field environment are essential. The remuneration
package offered reflects the importance of the
position. Please reply in confidence to: .

The Personnel Manager
Box A0Q5Q, Financial Times
10 Cannon Street , London EC4P 4BY

Mr. Bi-Mtoa W. HvtM
P r — ld — f *n4 CEO
CLOCAL ELECTRONIC MARKETS
COMPANY

437 MMian awmm, 32ad Floor

New YM. New York 100X2. USA
TMapknu 212-59X.T414
Total 4X0323 GEM CO UR

Appointments

Wanted

RECRUITMENT POSITIONS OF

SENIOR ENGINEERS

FOR

SAUDI ARABIA

We are a Korean contractor named Kuk Dong Const. Co. Ltd.
now perforating project 13/6/4 in Safwa, Saudi Arabia, one
of Mod a Proj. We intend to hire British for job descriptions
and employment terms below.

One person — Senior Architect — experienced not less than, six
years in interior design, two years contractor employee and
two years’ service in Middle East.

One person — Senior Mechanical Engineer— experienced not
less than seven years in HVAC. two years contra ctor employee
and two years' services in Middle East. A STM project

experience required.

One person — Senior Electrical Engineer — experienced not less
than seven years in electrical design, two years’ service in
Middle East. A STM (NEC FS1 project experienced required.

Their actual work includes: z
Routine co-ordination with client;

Occasional supervision of construction;

Routine review of submittals (a) materials, (b) shop drawing,
(c) technical appraisal.

Employment terms include:

Bachelor status on site, three leaves per year of two weeks
with pay and round ticket, 10 hours working, six days a week,
free medical care in Saudi, site facility quarters single room.
Western food, Japanese cor, 5 per cent own payment Saudi
social insurance. Salary range US$2,500-l 7 SS3.000 per month.

Replies and curriculum vitar-s to;

113 Upper Richmond Road, London SW15 2TL
CERTIFICATES OF QUALIFICATIONS

DEAN

UNIVERSITY OF MANAGEMENT SCIENCES

Applications we Invited for the pool of Dean at the
Lahore Graduate School of Busknen Administration

LGSBA Is a School of the Lahore University of Management
Sciences - a new private University with charter granted by
the Government of Pakistan. The aim of the sponsors is to
develop this School into a ‘Centre of Excellence' for
management education in Pakistan.

The MBA classes will begin in September. 1686 and the
annual intake of students will build to 100 by 1988. The
School will offer Management Development Programs for
both middle and senior level managers.

The School is located in the beautiful city of Lahore, the
cultural and inteOectuai centre of Pakistan.

Candidates must have a record of significant leadership in
academic setting as well as demonstrated understanding of
the higher educa ti onal en vi ron men t. This is a chaHanging
- ass igra n ent a n d requhes-w c omm itment- to excellence In -
program development and the ability to provide leadership
for establishing a new Graduate School. The Dean will
deti neats academic and research direction and play an
important rote In the buikfing of the campus of this new
School.

The School offers a professional working environment,
internationally competitive salary and an attractive benefit
package. Initial contract wfil be for two years.

Please send your application wfth curriculum vitae by
March 22, 1986 to;

Director LGSBA

103-C/2, Gulberg III Lahore 11 - Pakistan.

BAHAMAS INTERNATIONAL
TRUST COMPANY LIMITED

invites applications for the position of

QUALIFIED
AND EXPERIENCED
TRUST OFFICER

The successful applicant must hold the Trustee
Diploma of the London Institute of Bankers and will
have had at least seven years’ experience in all
aspects of practical trust administration. Some
practical experience of company administration
work would be advantageous.

Responsibilities will include day-to-day adminis-
tration of complex trusts, executorships and
associated investment management accounts on
his/her own initiative and participation in the
on-the-job training of graduate trainee adminis-
trators.

Applications, together with a r&sum& of qualifica-
tions and experience, should be forwarded to:

Hie General Manager, BITCO
P.O. Box N-7768, Nassau, Bahamas
not later than 14th March, 1986.

Accountant

Required by Large Organisation
in the Middle East

Young, qualified Accountant to Join small investment
team which is responsible for the control and
monitoring of the performance of substantial
investments overseas. Will include formulating policies
to assist the Overseas Portfolio Managers, advising on
investment opportunities and cm selection of Investment
Managers.

Previous experience in the field useful although not a
necessary attribute.

'Salary circa STG 16,000 p-a. Generous Provident Fund.
Free furnished accommodation, education allowances,
air passages to and from [dace of employment and

annual leave.

Applications with c,v. ta:

Box No. A0054, Financial Times.

20 Cahnon Street, London EC4P 48YL

24

UK COMPANY NEWS

Thames TV sets summer
date for share flotation

BY RAYMOND 5NODDY

A PUBLIC flotation of shares
in Thames Television, the largest
independent television company,
has been provisionally set for
the end of June.

A total of 49 per cent of the
company, at present owned
equally by Thorn EMI and BET,
is to be offered although about
10 per cent is expected to be
reserved for staff.

The Independent Broadcasting
Authority (IB A) has for some
years been asking that the com-
pany’s share structure should be
widened.

The matter became urgent
after an £82. 5m bid for Thames
b yCarlton Communications was
blocked by the IBA last October.

Considerable emphasis is
likely to be placed during the
flotation on getting a wide spread
of share ownership to comply
with IBA wishes.

Plans to advertise the shares
directly to the public on Thames
Television are being actively
considered, something the IBA
is like to approve.

Thames, where Ur Richard
Dunn is managing director, and
its financial advisers are acutely

Mr Richard Dnnn, managing
director of Thames Television

aware that there is only a brief
window of opportunity to offer
the shares before Thames
becomes enmeshed in the next
round of IBA franchising.

Exi wring ZTV franchises are
due to be re-advertised before
Christmas 1987 for decision in
early 1989. But several factors
appear to be working in . the
favour of Thames.

It is expected the company
will be able to announce record
pre-tax profits of between £14m
and £15m for the 1985-88 finan-
cial year.

Within that total the recovery
of - the UK advertising market
will boost domestic earnings
relative to overseas sales which
have ben effected by the weaken-
ing of the dollar against sterling.

The very act of offering ah arse
to th public might increase their

security by making it more

likely that Thames retains its
franchise.

It is widely believed that
Southern Television lost its
franchise to Television South
last time round because it
ignored IBA hints that its owner-
ship should be broadened.

In the year to March 1935
Thames profits of £&7m were
entirely dependent on a £13.8m
contribution from the sales of
programmes and programme

AC Cars agrees to £1.9m bid

BY CHARLES BATCHELOR

AC Cars, designer of the
famous Cobra racing car marque
but now primarily a property
company, has agreed to a £1.9m
takeover bid from a London
stockbroker, Mr William West

AC, which in recent years has
been involved in tbe more mun-
dane production of invalid cars
and trailers, still services Cobras
at its depot in Thames Dltton,
South West London.

It derives the bulk of its pro-
fits, however, from renting com-
mercial property on the rest of
its site.

The manufacture of Cibras is
still carried out under licence
by Autokraft, a small, unrelated
vehicle assembly company.

Mr West, a partner and head of
tbe London office of Australian

stockbrokers, Potts West Trum-
bull, has reached agreement
with AC’s directors on a 95p
cadi per share offer for the com-
pany.

AC's shares leapt 4Gp to 125p
yesterday, well ahead of tbe offer
price. Mr West has the irrevoc-
able undertakings from ACs
directors and their families to
acept the offer in respect of their
126m shares, or 63.1 per cent

Mr West intends to retain ACs
Stock Exchange listing and
revitalise AC, .initially concen-
trating on the .development of
Its property related activities.
The service depot still occupies
a very large part of the Thames
Ditton site.

AC made a pre-tax loss of

nearly £24,000 in the six months
ended March 1986, compared
with a loss of £73,000 previously.
Turnover fell from £868,000 to
£136,000.

The company also booked an
extraordinary debit of £15,000
compared with, a credit of
£63,000 representing a provirion
for a guarantee relating to Pem
Trailers, which went into liquida-
tion.

Mr Derek Hurlock, the chair-
man. and his son, Andrew, plan
to resign after the offer goes
through.

Mr West will become chairman
and Mr Charles Cecil, a non-
executive director of Raglan Pro-
perty Trust, will also join the
board.

Lukewarm
response to
Templeton
share offer

By Lusy KeBmy

The offer for sale of shares
in Templeton Galbraith &
Hansberger, the international
fond management group, has
met with a lukewarm recep-
tion, with the 30m shares on
offer to the public only one
and a half times subscribed.
Altogether. 40m shares were
being sold, but of these, 10m
already been firmly
pledged to Institutional in*
restore.

Sir Stephen Carden from
Cazenove, the issue’s sponsor,
denies that the response was
disappointing. “ I think it was
very good, actually. We didn’t
expect the man in the street
to come In for something go
ratified, * he said.

Templeton is the largest
foreign company ever to ob-
tain a primary listing In Lon-
don. valued at £344m. Mr
John Templeton, the 73-year-
old founder of the company,
who developed its global in-
vestment techniques more
than 36 years ago, stands to
make more than £5 5m from
the flotation.

Treetops hotel sold
to BET subsidiary

By Davi<f Goodhsrt

The famous Treetops Hotel
in Kenya, where the Queen
was staying when she heard
of her father’s death, has
been sold to United Trans-
port International, BET'S
£400m turnover transport sub-
sidiary.

UTL through its Kenya-
based touring and hotel
group. United Touring Com-
pany <UTC), already held a
33 per cent stake In Block
Hotels Management Limited,
which manages a number of
hotels, including Treetops, the
Naivasha and Outspan Hotels
and the 406-bed Nyali Beach
Hotel on the Kenya coast.

Our investments in gas
are exoandina worldwide.

According to the preliminary financial
statement for 1985, AGA Group sales
amounted lo SEK 9,750 million and
consolidated operating income after
depreciation, including the •
llddeholm Group, totalled SEK 1,070 m.
Consolidated income after financial
items reached SEK 910 m (1984: SEK
62,8m). of which approximately SEK
150 m represented the net earnings of
llddeholm and Tresor, calculated after
deductions for AGA’s financing
expenses and depreciation for surplus
values related to the two companies.
Inmmr before year-end provisions
and taxes as stated in the preliminary’
report, amounted to SEK 905 m
0984: SEK 670 in).

Rising Sales

Sales of Gas Operations and
FrigoscanrUa rose 12 percent and
inrome after financial items was up 2L
percent. The Group's netv activities,
IMilrhnlm Tuolingunri ASSAB, and
Uiirfehnlm's power operations,
including V.'irmlondsenergi, showed
f.i\ Durable development trends
during the year. Tlte new activities
were not inrliidi'd in the AGA Group's
cunsolii J.iied accounts for 1QN+.

AGA lias adopted n new
accounting principle in 1985 for the
translation to SEK of financial
accounts of subsidiaries outside
Sweden. The change means that the
balance sheets of AG.V s independent
subsidiaries in Europe and the United
States are translated using current
exchange rules. Tims exchange
differences are reflected in the balance
sheet rather than the income statement.
The finnnridl accounts of subsidiaries
in Latin America and Group units
operated evclusivcU as sales .
companies, however, will continue
ta be translated in accordance with
the monetary/ non-monetary method.
Figures for 1984 have been adjusted in
the report to conform with this new
accounting principle.

Uddeholm

In May 1985, AGA made an
offer to shareholders in Uddeholm to
exchange their Uddeholm shares for
shares or convertible debentures in
AGA and cash. When AGA had
acquired more than 90 percent of the
shares and votes in Udoeholm, the
Board of Directors applied for
redemption of the outstanding shares.
AGA now owns 96.4 percent of the
shares in Uddeholm. Follow ing the issue
of these shares, there is now a total of
59.2 million AGA shares. In addition,
AB Tresor, a subsidiary of AGA. owns
convertible debentures corresponding
to 7.7 million shares in AGA

During the autumn, Uddeholm
acquired Billerud’s 50 percent share-
holding in \ arm land senergj AB, which,
thus became a wholly owned subsidiary.
Varmlandscnergj also bought Billerud’s
hydro pow er facilities. The results of
Yarmlandsenergi’s operations are
included in this report within the power
activities of Uddeltolm AB.The results
oFUddeholm Touting and ASSAB are
also reported together. Uddeholm
Tooling acquired Suomen Bofors
during the year, a Finnish company
with annual sales of SEK 1 19 m.

Frigoscandia.
Frignscandia acquired two
small cola storage companies in
Sweden and West Germany during
the year and increased its
shareholding in CEGE a French cold
storage company listed on the Paris
Stock Exchange, to 27 percent.

Follow ing the dose of the year.
Frigoscandia sold its former subsidiary
Fraktamn to Scamped. I n a parallel
transaction. Frigoscandia acquired
10 percent of the shares and 19 percent
of the voting rights in Scansped.

Expanding Investments
In I9S5 Group investments in
fixed assets surpassed SEK 1.0C0 m
( 1984: SEK 711 mV The Group's two
largest a into spheric gas plants,
situated in Siuckvik, Sweden and
Canton. Ohio, v ere inaugurated
during they ear. The plants supply
KeniajNord ill Sweden and the
Inn ken company in the U.S. with
oxygen, nitrogen and argon via
pipelines. In addition, construction
continued cm a new atmospheric gas
plant in Leirdal. Norway.

A decision was reached during
the year to build five new atmospheric
gas plants - in Sweden. West
Germany. France. Brazil and
Colombia. AGA also has a 50 percent
shareholding in Nvans Energy
Chemicals Complex in Sweden . The
project includes production a I"

' ammonia and the supply of energy to
southern parts of the greater
Stockholm area - it n ill be evaluated
during the first half of 1986. If the
project is approved, AGA will build
Europe's largest atmospheric gas plant
in Nvnashamn, south oFStocknoun.

Improved Dividends
According to ihe pretiminarv
figures, AG.V s income per share alter
full tax will he SEK 15. Corresponding
income in 1984. after adjustments for'
the bonus issue and stack split in 19S5.
w as SEK 1 1 per share. Calculated
aftercommion of Tresor 3 convertible
debentures in AGA. net income per

AGA

S- 18181 SWEDEN

share for 1985 amounted lo SEK 11.

The Board of Directors has-
proposed that the dividend per share
be increased to SEK 4. The dividend
per share in 1984 was SEK 5.67 after
adjustments for die bonus issue and
stock split. AGA was exempt from the
temporary freeze on dividends in
Sweden last year.

The official financial report for
1985 will be released on March 20 ih
and the Annual General Meet ing will
be held on May 20th.

Ddingae, February 11th, 1986
AGA Aktiebolag. Board of Directors.

AGA Group —
Preliminary Results for 1985

• Consolidated income after financial
items rose from SEK 628 m in 1984
to SEK910 m. of which SEK 150 in.
represented the net earnings of
Uddeholm and Tresor.

• The Board of Directors has
proposed an increase in the dividend
per share to SEK 4 (1984: SEK 5.67).

• Through an issue of shares. AGA
AB acquired 96.4 percent of tbe
shares in Uddeholm-. All remaining
shares are now being redeemed.

• Group investments in fixed assets
exceeded SEK 1,000 m ( 1984: SEK
711 m).

CnmoMhae dbc ome,

RcEiubzi^SEKd

S,lk->

Opera tine E* pm v*. tic.

Normal Dcpirctannn

Q}w.-nniii"In«*OTni-
pftiiiifnd.-st.ic
Net IjlliTVSI IlMIK
Enchaniy TValc AdinsWnena

Income After Fnuniuil Item*

Capful Gaim
Other Nonrecurring Items
Income before year-end
Provisions and Taws

Operations, SEK m
Gas

Sales

Operating Income
Inrome After Financial Items
Frigpsc and i a

Operating Income 112 12

Income After Financial Ii«n» 118 lli

Uddebobn Tooting^ ASSAB
Sales 2j79 2.14

Operating Income 164 1 6

Income After Financial Items 125 &

ftwer (md Vgnnlu uds e u ergi)

Sal** 1,105 9D

Operating Income 11 9 If

• Figure, for 1984 have been adjusted <o
conform with accoonliny principles adorned in
1955. Tbe financial acojunivof uddeholm and
Tresor w ere not included in the AG .4 Group’s
fuwncuil statements for 1954.

Wates City in £34m cash call

BY MICHAEL CASSELL, PROPERTY CORRESPONDENT

Wales City of London Proper-
ties, the property investment
company floated in 1984. yester-
day announced a sharp Increase
in profits and a £33.Sm rights
issue.

The company earlier this
momh signed a £56 m credit
facility to repay existing borrow-
ings and to help finance the next
phase of its development pro-
gramme. Yesterday’s cash-raising
exercise— by way of a three-for-
10 rights issue of 30 -3m ordinary
shares at 115p each — will pro-
vide farther funds for new office
projects la the City.

Wates reported a 1985 net
rental Income of £5.7 m (£3 .4ml
and a rise in pre-tax profits from
£1.5m in 1984 to £4m. The
directors forecast net rental
income and pre-tax profits each
at about ,£7m in the current
year.

The excellent profits perform-
ance reflects recent, strong
growth in City of London rents
and Wates' particular success in
achieving higher titan expected
rents on some of Its properties.
At City Tower in Basing hall
Street, rents of £35.50 a.sq ft
have been achieved, against the
developer’s original expectations
of £ 2&-£28 a sq ft

Net assets per share of Wates
City rose by 115 per cent in
1985, from 118.5p to 132.1p.
There is a final dividend of l-54p
making 2.31p net for the year
and dividend payments in 1986
are not expected to be lower.

Members of the Wates family
and tbe Wates Foundation will
not be taking up their rights to
subscribe for 72 per cent of the
enlarged share capital and the
shares are being placed by
Morgan Grenfell with investment

clients of Cazenove and Howe *
Pitman at 122p per share. The
balance of tbe issue has been
underwritten by Morgan GrenfelL

Wates City’s developement and
investment activities are con-
fined to tiie Square Mile, and
it says that demand for centrally
located, modem CHy office space
is likely to continue to increase
as a result of changes taking
place In the structure of tbe
securities markets.

Wates disclosed yesterday that,
with partners Friends Provident,
it intends to seek pl annin g per-
mission to replace Winchester
House, the 219,000 sq ft office
complex in Old Broad Street,
with a new building. Tbe
properly was acquired jointly
last year for £65-5m, with Wates
holding 40 per cent of the free-
hold and currently taking £L45m

Lonrho’s f 81m from Fraser

BY MARTIN DICKSON

Lonrho, tbe industrial and
resources conglomerate, made a
gross profit of £81m last year
on the sale of Its stake in House
of Fraser, the department stores
group which was acquired by
the Egyptian A1 -Fayed family in
the face of strong Lonrho
opposition.

The figures were disclosed
yesterday in Lonrho’s annual
report for tbe year to Septem-
ber 30 1985.

Lonrho said its 29.9 per cent
stake in House of Fraser to the
Al-Fayeds in November 2984,
not then expecting them to bid
for the company. The stake
originally cost Lonrho just under
£67m- It was sold for £ 138.3m,
a gross profit of £71m.

Lonrho took a £4B.lm profit
on tbe sale as an extraordinary
Item, more than offsetting extra-

ordinary charges elsewhere in
tbe group to give a net extra-
ordinary profit of £30.9m.

Lonrho bought a further 7 per
cent stake in House of Fraser
after the Al-Fayeds launched
their bid for £29 -5m and then
sold it for £39 .3m, making a
£9Rm profit which was taken
into tbe accounts as part of its
financial services profits, which
rose from £9.7m in 1984 to
£19.6m.

Lonrho made pre-tax profits
last year of £158 .3m (£135.4m)
on turnover up from £2J3bn to
£2J!9bzL Interest receivable waa
£22.4m (£ 15 . 5 m) and tbe Interest
charge totalled £88. 7m, against
£85 ,3m the year before. The
depreciation charge was £35.6m
(£33 -8m). Tax totalled £75.6m
(£66-lm) and earnings per share
were 25.6p (20.9p).

Debron drops below the
Elm mark at year-end

Debron Investments, formerly
f known as Carpets International,
returned pre-tax profits of
£950.000 from a turnover of
£462m in 1985.

Below tbe line there was an
extraordinary loss of. £12.83m
(nil) on the sale of a subsidiary.

The profits comprise the com-
bined results of the group as a
trading concern up to October 14
and the results as an investment
trust from that date until eud-
December.

A breakdown of the profits on
that basis was £780.000 up to
October 14 and £170,000 from
that date to December- 8L
• At year-end the- group’s prin- ‘
I eipal investments bad a. value of
£2&02m. " It also held cash on
; deposit amounting to £5 . 3 2m .

For the 1984 year pre-tax
profits totalled £1.42m and were
achieved from a turnover of
£73 .Sm.

Tbe past year's pre-tax profits
took in other operating income
of £110.000 (£240,000), a £L27m
(£2 .93m) share of associates
profits, £160,000 (nil) from divi-
dend income and interest income
of £200.000 (£220,000).

Distribution costs accounted
for £8. 11m (£lL88m), admini-
stration expenses for £2 56m
(£3. 67m) and loans and over-
drafts for £100,000 (£L76m).

Basic earnings emerged at
l>3p (4-5p) per share. The direc-
tors have' . already announced
that 'they were- unible to recom-
mend any dividend' in respect of
tiie 1985 year. ’

Loans longer than me year
totalled £494.4m (£53L2m) BE
the year-end, while short-term
loans and overdrafts totalled
£211m (£192 JSm).

A breakdown of activities
showed that motor and equip-
ment distribution provided
£27 -3m of pre-tax profits (£24m)
manufacturing £l9.4m (£lL2m),
general trade £15.4m (£16.7m),
leisure wines and spirits £28.7m
(£28.6m), mining and refining
£40 .lm (£36.7m), financial ser-
vices £19. 6m (£9.7m) ' and agri-
culture £7 .8m (£8.5m).

The pay of Mr Tiny Rowland,
Lomho’s chief executive, rose
from £322,861 la 1984 to £392285,
while that of Sir Edward du
rann, the chairman since Novem-
ber 1984, totalled £102,100.

Rowland Gaunt

Rowland Gaunt, the clothing
manufacturer which is soon to
become part of Spong Holdings
in an agreed deal valuing it at
£3 Dm, yesterday announced a
deal of its own for Kindi and
Lack, another clothing company.
Gaunt is paying £12m for Kindi
of which £lm is in cash.

Kinch and Lack had a t ur nover
of £lAn in the year to February
15 and recorded a pre-tax loss of
£ 10 , 000 .

in rental Income. Redevelop-
Sent of the building, which
could include extensive rebuild-
ing and the addition of new
space, is unlikely to start before
the end of 1987.

Thte company has several
major developments -ctaxeouy
under way, including the con-
struction of a 43,000 s q ft Office
building in Moorgate. Tbe pro-
ject wSl cost I 2 2 m . of whit*
£ 13 m has yet to be incurred.
Wates also owns a . lease on a
10 -storey office building in
Cheapside and in Bow House,
Cheapside. and has won plan-
ning consent to redevelop these
and adjacent properties to
develop a 240,000 sq ft office,
banking and retail investment.
Site assembly is proceeding and
work will not start until autumn
1987 at the earliest .

Samuel Props,
issues £20m
debenture

Samuel Properties announced
yesterday the issue of £20m first
mortgage debenture stock, which
will be used in part to finance
last week’s pure

by a sub-

sidiary of five freehold proper-
ties for £10.15m. The rest of
the money will be used to
reduce the group's short term
borrowings.

The stock, which is being
placed by Hill Samuel, carries
an 11 per cent coupon, matures
in 2016, and was priced yeater-
day afternoon at £97.955. to
yield 11.243 per cent; 0.85 per
cent more than tbe yield on
Treasury 13 l/5th 20044)8. The
stock is partly paid, with £25
due on application and the
remainder on April 25.

The stock is secured against
ties, all of which are fully let,
include two modem office blocks
In Surrey and to Piccadilly,
London, a department store in
Camheriey, Surrey, and two
warehouses In Sussex and
Devon.

Thte stock Is secured against
a portfolio of properties, which
hare been value at £36.9m.

' Brokers to tbe issue are
Quitter Goodison.

DIVIDENDS ANNOUNCED

Alexanders back in profit

Date

Cone-

Total

Total

Current

of spending

for

last

payment

payment

div.

year

year

British Kidney

April 23

325

4

325

Crest Nicholson ...

April 11

2.5

4.15

3.75

GroMaer Props ....

..int 225t

April 14

2

— — •

52

Harvey & Thompson int 1.75*

L5

— • •

4

Inv Tst Guernsey?

—

425

725

62

NMW Compntezstt

—

*2.8

6

•4.8

Ralne Inds

--Int 0.22

April 25

02

— ,

0.75

Romney Trust .„...

3.35

April 2

3.1

5

4.6

Wates Cityt

1-54

—

0.53

2.31

023

Dividends shown In pence per share except where otherwise stated.

Alexanders Holdings, tbe Scot-
tish-based Ford main dealer,
moved back strongly into the
black in the second six months
ended September 30 1985, to
return a fall year pre-tax profit
of £251,000. This compared with
a £165,000 loss previously.

Turnover- was nearly £2m
higher at a record £58j45m. At
halfway, the company reported
losses reduced from £348,000 to
£49,000, on turnover of £252m
(£25 ,7m).

As in previous years there is
no dividend and the company
proposes a one-for-ten scrip issue
in ordinary or "A" ordinary
shares. However, the board has
reviewed this policy In the light
of current trends and intends to
pay dividends in the future.

Mr Bertie Loudon, the chair-
man, said the result was a wel-
come turnround from previous
years and he noted that the
figure was after substantial re-
organisation expenses.

The group has continued to
rationalise its premises and
reduce its operating costs in
order to further improve profit-
ability. The company's (rector
division in Edinburgh ceased
trading after September 30 1985,

the stock sold and the premises
at Loanhead placed on the ,
market for sale.

An offer has ' been accepted '
subject to planning and other
conditions for tbe Silvermilis site
in Edinburgh and other proper*,
ties surplus to requirements are
on offer for sale.

After tax of £11,000 (nil) and
extraordinary charges of £8,000
(£34,000) attributable surplus
was £232^00 (£199,000 loss). The
preference dividend costs £13,000
(same).

Stated earnings per share are

Ricardo op 57%

Taxable profits of Ricardo
Consulting Engineers jumped by
57 per cent from £801,000 to
£126m for the six months to
December 31 1985, on turnover
up 27 per cent at £7.79m. against
£6.12 m. The company believes
prospects will remain favourable
for (be second half.

After tax of £478.000 (£371.000)
earnings per 25p share climbed
from 2.98p to 5.41p. The net
interim dividend is stepped up
from 0.875p to lp — last year’s
total was 2.75p on record £2.12m
profits.

• Equivalent after allowing for scrip Issue, t On capital
increased by rights and/or acquisition issues. fUSM stock.
9 Unquoted stock. 1 Gross thro ughout

BASE LENDING RATES

COMPANY NEWS IN BRIEF

SENIOR ENGINEERING Group's INVESTMENT TRUST of Guern-
wholly owned subsidiary Senior sey increased net asset value
Machine Tools has purchased a per SOp share to 178p (186p) at
major portion of plant and the end of 1385. After-tax
machinery, goodwill, drawings revenue for the year rose from
and trade-marks, together with £730,000 to £839,000 giving earn-
stocks in work-in-progress, from mgs per share of 6.1p (5.4p). A
receivers of Joshua Blgwood and final of 4-75p gross makes a 725p

Son for an estimated cash cos- (fl.5p)

sideration of £190,000.

CSC INVESTMENT Trust's net !
asset value per 25p share slipped j
from 150. 61 p to 142-83p in 1985.
Gross revenue for the year
totalled £360,679 (£301,858). Net
revenue emerged at £161298
(£158,045) after tax of £73230
(£32,556). Earnings amounted to
9-81 p (8.39p). A final dividend
of 5.7Sp (5p) makes a net total
of 9.35p (S.5p).

JOHN KENT has contracted with
the receivers of Amman for- the
purchase for £0 Am cash ‘ of its
five leasehold properties, and
goodwill of the name and custo- 1
mer list of Acunun. j

YEARLING BONDS totalling |

£2. 75m at 12ft per cent, redeem-
able on February 25 1987. have !
been issued by the following ■
local authorities: Derby City
Council £lm; Restmorel Borough 1
Council £025m; Chester (City of) 1
£0.7Sm; Lincoln (City of) £025m; !
Dudley Metropolitan Borough |
Council £0.5m. |

LADBROKE INDEX
1.234-1,238 (+2)
Based on FT Index
Tel: 01-427 4411

option is proposed.

A dividend/scrip

ABN Bank. 12}% I

Allied Dunbar A Co. 12}% 1

Allied Irish Bank 12}%

American Express Bk. 12}% ■

Amro Bank 12}%

Henry Ansbacher 12}%

Associates Cap. Corp... 12}%

Banco de Bilbao 12 }%

Bank HapoaUm 12}%

Bank Leumi (UK) ... 12}%

BCa 12 }%

Bank of Ireland 12}%

Bank of Cyprus 12 }% I

Bank of India 12} %

Bank of Scotland 12 }%

Banque Beige Ltd 12 }%

Barclays Bank 12}%

Beneficial Trust Ltd ... 13}%
Brit Bank of Mid. East 12}%

■ Brown Shipley 12 } % ■

CL Bank Nederland... 12}%
Canada Permanent ... 12 }%

Cayzer Ltd. 12}%

Cedar Holdings 13 %

I Charterhouse Japhet... 12}%

Citibank NA 12}&

Citibank Savings 112 f%

City Merchants Bank... 12}%

Clydesdale Bank 12}%

C. E. Coates & Co. Ltd. 13 %
Comm. Bk. N. East ... 12}%
Consolidated Credits... 12 }%
Continental Trust Lld. 12} %

Co-operative Bank * 12 }%

The Cyprus Popular Bk. 12}% .

Duncan Lawrie 12}%

E. T. Trust 13 % •

Exeter Trust Ltd. is %

Financial & Gen. Sec. 12}%
First Nat. Fin. Corp ... 1 S}%

. S** LM * — 13}% *

■ Robert Fleming & Co. 12 }%

Robmt Fraser & Ptrs. 13}% i
Grindlays Bank 212 }% 5

I Guinness Mahon 12}%

IHambros Bank 12}%

Heritable & Gen. Trust 12*%

1 mu Samuel 512}%

C. Hoare & Co 12}%

Hongkong & Shanghai 12}%
Johnson Hatthey Birrs. 12}%
Knowsley & Co. Ltd.... 13 %

Lloyds Bank 32}%

Edward Hanson & Co. IS %
Meghraj ft Sons Ltd.... 12 %

Midland Bank 12 %

l Morgan Grenfell 12 %

Mount Credit Corp. Ltd. 12 %
National Bk. of Kuwait 12 %
National Girobank ... 12 %
National Westminster 12 %
Northern Bank Ltd. ... 12 %
Norwich Gen. Trust ... 12 %

People's Trust 13 %

PK Finans. XntL (UK) 13 %
Provincial Trust Ltd... 13 %
R- Raphael & Sons ... 12 %
Roxburghe Guarantee 13 %
Royal Bank of Scotland 12}%
Royal Trust Co. Canada 12}%
Standard Chartered ... 12}%

TCB 12}%

Trustee Savings Bank 12*%
United Bank of Kuwait 12 }%

United Mizrahi Bank... 12}%
Westpac Banking Corp. 12}%
Wltiteaway Laidiaw ... 13 %
Yorkshire Bank 12}%

1 M*mbars of tiio Accepting Houses
UHTIffflRat,

ZlK d 2 P0ll 2 1 -month

S.ao%. Too Tier — €2.500+ at 3
-"■ft* »«!■ iZ-06%. At calf
whan £ 10 . 000 + remains deposited.

Call deposits CljQOO and over
9% - arose.

Mortgage base rate, .

Demand dap. S\%. Mortgage 13%.

This advertisement is issued

Samuel Properties p JLc.

Registered in England No. 701787

Tbd^ of £2(MN»,000 U per cnG Firtf Mortar Ddwatm Stock 2016

*t £97.955 per eeid. payable as to £25 per £300 nominal oa acceptance

and as to flie balance or £72^55 by 2 SthApra,W 86 .

0xa ^‘ °* Tte *“* EKta *' of above Slodt

In accordance with the requirements Of the Council of The Stock Exchanee £2 non rmi
the Storf: is available jn the market on the dam of pubUcmkmTttelSS^^^' 000 nommal *
lasting Particulars wfll be Gradated in die Ext el Statistical Services. ,

may be obtained during usual business hours on any weekday (Satmda« l e»j£i!n ^ r ^ cnlaJ 2
including 5th March, 19S6, from tbe Registered Officeofihe ^

London HC2P2AJ 31-45 Gresham Street

London EC2Y7LH ’

Sr Offa, tvs**

20th February, 19S6.

4::'

[h • -■*

Financial Times Thursday February 20 1986

-?Vf . ~ s'- :~y--
£:*‘ v J £:.r. ■"*
• ‘ ‘ _

» ’ r$ , - -< V?
I:* - -: - *£'-*

r .. .

? - ^ ■• "*■ i

! '• • ‘‘ .» ’ ' I’’.

•»' * "j

:*s ■

v .. >• ...

— •• f

V 11

-5t : .

iti'

:V*."v % !’

:::■ : V

’ . . !.V , ‘- i *

. . -*■ ‘ ■ p y m w

r, ’ ■ ,’i.r

7' 77

• •■ •• / . * *.

• '* ",‘~r BE9tE3tEBk&.

lfi ; -ifi- - Tn

/ ^Maf* w a«.^awn« I

;ivi m 7 a

71 ■: ft t '

- jj»r Jjjj/

/ yS fe, ‘‘iii

" M£$&fabdiiid\.sv

|t 1 .'C- - . -

% ” . . ’

1 ' “5 '

, 7! 1 ■ - -

\ ■ . s f .' , • - ‘

* . ~ '"l H4 . '

■•-■ -i-

. ‘ ‘ '«•; ■" . ‘

•’ f ". •, .•

Every day, millions of
7 7 Americans can’t resist sticking

their tongues out at us.

No one can touch Baskin-Robbins when
it comes to selling ice-cream.

Last year over 300 million people bought
their ice-cream through 3,000 Baskin-Robbins
outlets.

They were also voted America’s favourite
fast-food chain for the third year running.

Obviously in the States they think Baskin-
Robbins is as American as Apple Pie.

Which is hardly surprising as it’s run

Lyons, a British company.

The story is much the same with the
Doughnut Corporation of America.

They provide the ingredients and the
machinery for bakers to produce 15 billion
doughnuts each year.

Yes, it too is owned by Allied-Lyons.

Then there is Tetley Inc. with its substan-
tial business in iced tea, tea bags and coffee.

Together these companies contributed a
mouthwatering £32 million to our record pre-
tax profits of over £219 ll ]|
million last year. AUlOd.-Jj

GOING ON ■# GROWING

26

UK COMPANY NEWS

Crest Nicholson growth
pegged by bad weather

Ashley

BT FRANK KANE

THE COLD weather last winter

affected Crest Nicholson, pro.

petty developer, builder and
manufacturer, in 1884-85, and
pre-tax profits of £92m were
only 8 per cent ahead of last
year's £&52m.

Ur Roger Lewis, the chief
executive, said that the result
for the period to October 31
was '* a fine performance,
especially when you bear in
mind that last year's outcome
was exceptional, being 55 per
cent up on the previous year."

He said that a high level of
activity took place towards the
close of the year, and was
confident on current prospects
and the outlook for next year,
which would see the full benefit
of the acquisition last October
with C. H. Pearce.

With turnover up from
£90J84m to £H0-02m, margins
slipped by a fall per tentage
point to 8.4 per cent The
company's main activity, pro-
perty development, showed only
a marginal increase in profits at
£8. 92m (£831m) on turnover
ahead 27 per cent at £65 -81m
(£51.7m).

Mr Lewis said that the
housing market, especially in the
main area of operation, the south
east, remained satisfactory, des-
pite the movement in interest
rates. “ We have the right
number of good sights In the
right locations so that 1988
should see another year of
record growth. Commercial
property was also successful, he
added.

The group’s commercial and
industrial activities returned
£1.68m (£901,000) pre-tax on
turnover of £43.07m (£38-79m).
The Lamson cash collection ride
was particularly good, and bene-
fited from the now-reorganised
BVS business acquired last year.

The Crofton optical group,
which distributes Polaroid and

Mr Roger Lewis, chief execu-
tive of Crest Nicholson.

other spectacles, increased
profits, as did the Calorex
swimming pool heat-pumps busi-
ness, though this was a cause
of same concern in Its Florida
operations, said Mr Lewis.

En-tout-cas, the all-weather
surfaces business, “ did well
to contain lasses in a continuing
difficult market," said Mr Lewis.

The dividend for the year is
raised from 3.75p to 4.15p with
a final of 235p (2 3p).

• comment

These figures surprised nobody
— they were virtually spelt out
when Pearce was bought A rise
of 8 per cent is not very impres-
sive, but the weather last winter
and earls spring was a justifiable
mitigation — laying concrete is
difficult In sub-zero temperatures.

Eyebrows were raised at the i
gearing level of 93 per cent, but
this has been reduced by the i
Pearce issue and In any case js ,
not excessive for a company with
extensive and quickly realisable
property assets— it will fall to
a more healthy 70 per cent or 1
so by next year end. Last sum- ,
mer the talk was of a rights
issue, but this is not on after I
the 58 per cent equity Increase ,
last October, and the directors 1

maintain the rights rumours were
always an analyst's invention.
For 1986, taking around £3m
from Pearce, £14m looks achiev-
able and, at yesterday’s 140p,
a 37 per cent tax charge puts
the p/e at 10 times— still a good
buy. But shareholders will hope
that next time the interim rate
of dividend increase can be main-
tained for the final.

In £lm
acquisition

By Alice Rawsthom

Ashley Industrial Trust, which
has turf and timber interests,
la p*p»M»n| r Into the battery
acquisition of Statebrtght for
‘film. Ashley, which plans to
raise £700,000 through a
tights issue, has just hauled
Itself back into the black
despite a pronounced reduc-
tion In turnover.

Statebrtght, which trades
under the name Capitol Bat-
teries and holds the UK dis-
tribution rights to Mitsubishi
batteries for milk floats and
fork lift trucks, will be
acquired through the Issue of
328,164 new ordinary shares
In Ashley, £492,249 In cash
and £343,669 in loan stock.

The acquisition is condi-
tional on securing the
approval of Ashley's share-
holders and its value win be
reduced If Statebrtght falls
to meet its profit targets for
the 1986 and 1987 financial
years.

Ashley's shares, which rose
on the initial announcement,
closed down 2p on the day at
75p.

Nobody from Ashley was
available to comment on the
raison d'etre for the acquisi-
tion or on how Statebrtght
would fit Into the company’s
Mtaring portfolio.

In the year to September
30, Ashley's turnover fell
from £L67m to £L47m,
although the company
dragged Itself out of the red
to turn losses of £269,000 into
pre- ta x profits of £62,000.

NMW lifts profits
by 20% and plans
£2.8m rights issue

BY LUCY KELLAWAY

NMW Computers, the UK’s
largest stock processing bureau,
yesterday announced a 20 -per
cent increase In 1985 pre-tax
profits to £L5m, a one-for-four
rights issue to raise £23 m, and
confirmed plans to become a
clearing member of the Stock
Exchange in a joint venture with
Barclays.

The. proceeds of the rights
Issue, the terms of which are
one-for-four at 220p, will be used
to buy two mainframe XCL com-
puters, which will allow the com-
pany to take on the increased
business expected as a result of
deregulation of the Stock
Exchange.

Pre-tax profits of £L3m
(£L3m) were achieved on sales
of £7.7m (£4im), and included
for the first time a 12-month
contribution from Union, the
specialist software company
acquired in 1984.

Timon, which develops
systems for investment manage-
ment and market wiHng, made
profits of £230,000 compared with
a small loss included In the pre-
vious year’s figures. The final
dividend is Sip (Sip) for a
total of 6p.

The company reports a record
number of new stockbroking
customers for its traditional
accounting service, although
notes that these will not effect
profits until the current year.
NMWs computer bureau now
processes about half of all trans-
actions on the Stock Exchange.

The joint venture company
with Barclays, in which NMW
will have a 49 per cent stake.
Is due to be formed next month,
and should be operating as an
independent clearing member
before " big bang " in October.
The only other company so far

to have become a clearing mem-
ber is Hoare Govett.

NMW had previously been in
discussion to become - a joint
member with Citibank, but these
talks have been called off
following the discovery of
“technical incompatibilities,"
Mr Nigel Banister, m a n agi n g
director, said yesterday.

• comment

The market's Immediate dis-
pleasure at NMW's rights and
results was a little surprising.
The profits were exactly as the
City had forecast, and the
rights seem a sensible way to
fund needed expansion, and so
a 20p fall In the share price to
275p appears a little harsh. Most
of the progress last year came
from the software systems coin- 1
pany, with the bureau business
suffering from the expensive
Inflow of new customers. This
new business will generate
higher profits in the current
year. Implying profits of at least
£2.1m for the year, and perhaps
considerably more, depending
on the timing of large contracts
for Timon 's software systems.
The link up with Barclays looks
exciting, although it will not
effect profits for another year
or so. However, until then
neither will it be a drain on
funds, as both NMW and Bar-
clays will be bringing their
existing know-how to the patty.
The shares are not too expensive
on a prospective p/e of about 12.

UDC HOLDINGS is acquiring
P. J. Foster and Co (Manchester)
for £325,000, satisfied by the issue
of 124,550 ordinary shares, . all
of which will he placed on com-
pletion by Hill Samuel at 275p
each.

OUTPUT— By market sector; consumer
intermediate goods (materials ana

investment goods,

Proposed offer for subscription under the terms of the

BUSINESS EXPANSION SCHEME

to be sponsored and underwritten by

GLO DUTCH UAAfTED

Oyr

EXTERNAL TRADE— Bidices of export and
(1980=100); viable -balance; current balance (£ m)_,_ ml balance
(££); ternU of trade (1880=100); excluding rwerv«:

Export Import Visible Current Oil Tmra Rwv.
volume volume balance balance balance trade USgbn

Istm?. 1203 1283 -1383 -408 +1362

2ndqtr. . 120.6 126.0 -222 +1,435 ' iiS

3rd qtr. 116.0 133.7 -543 +1062 +V«J JNJ

4th nfr lias 127J. — 7 +UM +2»M7 10L9 15-54

it?*' 1184 1263 -218 +§6 +843 WO 1A»

July 117.0 mo - 77 +491 +«g »•* 1436

A iiei net 1194 199 9 — 236 +333 +626 10U 1428

September 114 3 124.7 -2S0 +338 +644 10U. 1408

October 219 J. 135.7 0 +400 +766 106*. 1631

November 11*9 1*90 -132 +268 +675 10L6 1KM

December 120.7 1263 +125 +091 +®2 102*® 15A4

1986 . ««

January imb

FINANCIAL— Money supply M0, Ml and sterling MS . ban k
advances in sterling to the private sector (three months: growth
at «nnnai rate) : bunding societies' net Inflow; HP, new credit; All
wMHwmaiiy ad justed. Clearing Bank base rate (end period).

Bank BS HP Base

MO Ml MS advances Inflow lending rate

% % % % £m £m %

Istqtr. ■ Z2 0.7 90 153 1£U 3012 llSO

2nd q£. 54 32.4 20.4 19.2 1^ .3£M 1230

3rd qtr. U 1M 1U 173 1,771 3,340 1130

4th qtr; L4 25.1 178 17.7 23» 3879 - 1130

M«r 43 833 384 17.7 615 101 1288

June 5.7 44.6 250 202 401 <974 - 3230

July 44 193 03 108 650 L100 1130

August 24 223 144 2L8 524 LU3 1130

September UL 53 123 143 507 1018 1130

October 13 24 j9 193 18.7 796 1024, 1130

November 33 213 204 173 688 1378 1130

December 2.7 293 143 173 865 1477 1130

January 93 144 113 114 770 , ; 1230

INFLATION— Indices of earnings (Jan 1980=100): basic

sterling (1973=10(9. ___ • ' . '

Earn- 'Baste Whsale. FTP .

m ingii* -natk* mnffr* BPP Foods’ comdty. Strlg.

1985 ‘

1st qtr. 1

1654

1463

1363

.382*'

3323

723

2nd qtr.

1703

' 1383

3394

3753

3394

27613 1

783

3rd qtr. '

1744

mi

1403

3763

3353

25102

823

4th qtr.

132.7

1414

3783

3374

n/a

.793

June

1713

136.7

1393

3764

3403

27808

793

July

173.7

1333

1393

375.7

3353

28931

833

August-

1733

3323

1403

3767

3353

25434

813

September 1760

132.7

1403

3763

3353

25102

814

October

1733

1313

1403

3773

3353

24946

904

November

176.7

mi

1413

3784

3374

B/A

803

December

1343

1413

3783

3384

B/k

790

1986

January

1353

1423

a/a

763

•Not seasonally adjusted.

ADVISERS

mn^ ^ iL| :

'll

iohi

M

I

HUM

BUSINESS

MANAGEMENT

For your copy of the prospectus on
publication please mail to
Anglo Dutch Ltd, Park House,

36 Finsbury Circus, London EC2M 7DJ
or telephone 01-588 4278

GROWTH

POTENTIAL

UNDER-

WRITING

ingredients of the company’s business - .care of the elderly, hotel artd .: -

Hie property asset base of generate a'Kgft wuwf .

on capital employed as Wefl as yield! ng potential taptiai growth on
value of the property. Ackildofal growth may be achieved by th«

The minimum subscription utK^tfto&sue wiii underwrtttffrt by *•. ■ * ;

' • ‘ Angfo Dutch Ltd ana tavern wi can therefore becertaln thatthtf- : ' * \

‘ ‘ company Wi commence trading, . . .*

Extract fra* the Aadlted Consolidated Accents

LONDON INTERSTATE BARK LIMITED

Bastion Howe, 140 London Wall, London EC2Y SDN
. Tell 01-406 8899 - Tdec 884161 UBLDN G

31.1235 ' 3

rooo

Total assets 313483

Total deposits 278340

Loans and advances 175,786

Capital base (Including subordinated debt) 22311

Year to
31.1235

31.1234

rooo

-210.942
, 190457
134332
16364
9 mthsto
H 31.1234

Profit before taxation 1375 926

London Interstate Bank Limited is a wholly-owned subsidiary of
Sparekassen SDS, Denmark.

stls

The highlights for 1985 are an extract from the Report & Accounts
which will be filed with the Registrar of Companies and upon which
the auditors have given an unqualified report.

1985/6 TAX RELIEF

www bsswet® "*

Telephone: 01-283 7671

Financial Times Thursday February 20 1986

:*.'"‘V c r

• ' i ■■

■ •-< t

lT r i

• % >•- r

• If.

, .. »3b $

UK COMPANY NEWS

Ian Ri

>4g^r on Thos, Robinson’s bid for Wadkin

A tooling problem

ItKunas EoMsm , the revital-
ised Lancashire finginetring

group, -may be .tr «ding on dif-
ficult ground In ft least one
aspect ot its £9.S % agreed bid

to take over WwUon, the Leices-
ter-based. machinal-' maker.- .

The problem janat industrial
conglomerates, bofiT in the UK
and elsewhere, tape a very poor
record in managfag-.the machine
tool companies they acquire.

In. the UK, then Group built
up a major state in machine
tools in the 1960a thro ugh acquir-
ing Churchill aw Matrix, but it
has rarely extracted satisfactory
profits - from .this division.
Vickers too his had a long
straggle., with Kearney &
Trecker Marwii; bought -in the
early 1970s. li the TJS, groups
such as Ben fit, White Consoli-
dated Industries and Amca have
all had .. their troubles with
machine tool companies.

So is ThouHS Robinson go Log
to don any bitter? : “I sincerely
hope so,” sys new chairman
Graham Rudd with a laugh.

In fact; tte comparison with
big industrial conglomerates like
Vickers and n is probably hot
that fair.. (At least not yet.
Thomas Roimson is tiny, -with
sales of ohy £3 1.4m in 1984,
ami. its onlj two significant -pro^
duct lines are -cereal milling
machinery* and woodworking
machinery. Also, .Wadkin is not
so much t machine tool com-
pany a • a woodworking
machinery company . which has
a maehiwY tool offshoot account-
ing for 58 pet cent of turnover.

However, Robinson’s purchase

ft low ol 37p early last year
to a high id 168p by the end

of 1985, ■ and have carried on .
rising this year. .At IS2p before
the Wadten deal was announced,
the shares were valuing Robin-
son at £7JSm, which was a
35 per cent premium on the net
asset value' at the- end of 1984.

.It Is that, kind of. rating that
makes acquisitions' possible, even
of companies like Wadkin, which
Is three times the size of Robin-
son. Wadkin had been one of

Theme up 58% and
plans USM quote

A UW-

Royal Air Force Benevolent Fund
repays the debt we owe

Wadkin ran. into
management difficulties
last year both in its
US sales office and at
■ home. Some 240
redundancies were
declared, management
was restructured, the
group feD bade into loss
in the second half and
thesbares tumbled.

of. WadMn ii
only th£ firs]
to become a s
trial holding <
in Robinson, w
a sleepy Rocfad
ing company
rekindled last
tlon that Will
fast-growing
had a 1 10 per
Then in Se
who is thir b

binson’s purchase
widely seen as
rfep to a plan
uch larger indus-
wnpany. Interest
lich has long been
le-based engineer-
was initially
ear by the revela-
uns Holdings, the
igineering group,
*nt stake. •
ember, Mr Rndd, -
tiler of Mr Nigel

Rudd, chain an of Williams,
bought *.12.5 per cent stake in
Robinson an took active con-
trol as chair an.

Robinson, t ares surged: from

the minor success stories in the
beleaguered UK machine * tool
industry in the early 1980s.

Under the direction of Mr
Michael Goddard, who became
chairman in 1980, it developed
new products to catch up with
the Japanese and, for a while,
it seemed to be on a strong
recovery path, both in the
market place and in profits. After
three years of losses, it made
pre-tax profits of £465,000 in
1984. The shares climbed from
a low of 32p in 1982 to a high
of l48p. early last year.

. However, the company ran
into management difficulties las t
year, both in Its US sales office
and at home. ' Some 240 redun-
dancies were declared, manager
meat was restructured, the group
fell back into loss in the second
half end the shares tumbled.

At one point, the shares were
back down to 92p, representing
a 56 per cent discount on net
asset value at the end of 19S4.

That made it possible for
Robinson to make an offer which
Wadkin could not refuse. The
offer,- which consists of one
Robinson share for each of the
4.8m Wadkin shares, valued
Wadkin at £8. 7m at the time it
was made, and it is higher now
because .of the continuing rise in
the Robinson share price. Even
the cash alternative of 165p
values it at £7 An. well above the
market value on Wadkin shares.

Mr Goddard, whose family !
holds an 28 per cent interest
in the company, may have pre-
ferred to stay independent, but,
as he says, “I have to act in
the shareholders' interest.”

Having said that, he seems
content with the outcome. He,
and his deputy chairman, are to
join the Robinson board, and he
foresees no immediate impact on
the Wadkin businesses.

The new group will likely
move first to bring together
the woodworking machinery
divisions. Mr Goddard says the
two are complementary; Robin-
sou specialises in band re- saws
(for secondary sawing of logs)
while Wadkin is further down-
stream. in fine cross-cut and
moulding saws.

As for the troublesome
machine tool business, Mr God-
dard would like to carry on
improving the group's product
line. ' It has specialised in ver-
tical machining centres, a sector
in which it is the UK market
leader, but the word in the
market is that Wadkin has
bought its position and growth
with very low margins.

However, some observers won-
der if the machine tool division,
now that it will be a much
smaller portion of the enlarged
group, which might be a candi-
date for disposal. Mr Rudd
denies this, saying that he
believes it has tremendous poten-
tial.

But if Robinson did sell, it
would no longer have to worry
about falling victim to that curve
of industrial conglomerates.

Grisveaor Props, downturn

DESPITE All oss incurred in the
half year faded September 80
1985 and p)e expectation of
lower profs over the year as
a -whole,/* the directors - of
Grosvenor/ Square Properties
Group sxfto-pey the foreeast
Bp divldefr

They s? that 'certain strategic
changes, istrtuted over the. past
year shdld lead 10 increased
activity fad * marked growth
of profit" in 1987, 1988 and
beyond. [They look to the fnture-
witb speient. confidence 'to
justiftr iyidends at. 6p for. the
current hear. They are raising
the intom from 2p to Z2p net.

For tfe year ended* March. 31
I9S5 thWividend total was 5*>,
from a re-tax profit of £ ifim.

In tfe 1985 half year, the
group all into loss-bf £189,000,
compard with a profit of £34,000,

which chairman Mr P. B. Marber
attributes to the lack of any
significant - completions of
developments.

However,- moves have been
made which would influence the
likely profits to the year end.
Certain sectors of the .'office in-
vestment market have, shown
signs of weakness and a greater
emphasis has been pot on retail
schemes.

: iAt tbe.-5?me time , there ha*
has been ao added. concentration
on larger projects, for yrhitfh
Shore sophisticated' financing
methods have been adopted. Full
benefits cannot necessarily be
seen in the Short term.

Mr Marber says the substan-
tial increase in the capital and
trading base resulting from the
acquisition of Flnstone Holdings

Granville & Co. Limited

V- Mrnnber of Tlia Nation it Association of Security D Balers
I- and Inuutmem Managers

B Lovat Lane London EC3R 8BP Telephone 01-621 1212

Over-the-counter Market

High .o* Company

146 .118 Ass. Brit. Ind. Ord....
151.121 ■ Asa. . Bflt.- IndL CULS

75 43 Airapruns Group

46 33 Armiuge. and Rhode*

170 108 Barton HIM

64,, 42 Bray. Technologies ...

201 1138 CCL. Ordinary. —

152' 97 CCL 11 pc Conv. ft. ...
13S 80 Carborundum Ord.

94 S3 Carborundum 7.8 pc Pt.

65 46 -DabonLb Services

32 20 Frederick Parker Group

93 '60 George Blair.

67 -20 l set.'. Precision. Castings

218 / 63 Isis Group —

122 -Ol Jackson Group

332 Z» (James Bu trough

06 . 6 / Jamas Surrough 9pcPf.

95 - S*/ John . Howard and Co.
960 5a Mlnihouse. Holding N.V.

82 Robert, Jenkins

■m V Scfutton* "A" -

Torday end Carlisle ...
Trsviaji Holdings — ...
UnUack Holdings ......

Waiter Alexander

W. S. Yen tea ... — .....

Grose Yield I
Price Change dlv.(p) % Actual 1
128 — 7 ft 6.8 7.7

131 — 10.0 7.6 —

70 _e.« S.1 11.7

33

_

4.3

13.0

130

—TO

4.0

2.4

68

.—TO

3.9

6.7

138

13:0

8.7

se

15.7

15. B

136

—

4.9

3.8

>1

—

10.7

lift

57 xd
21

93

67

+ 1

7ft

12ft

_

3.0

4.6

163

—

15ft

9ft

118

—

5.5

4.7

322

+ 2

15.0

4.7

S2*d

12.9

14ft

64.

—

5ft

7ft

950

+ 15

6ft

0.7

70

—

—

30

—

—

—

69

_

5.0

7ft

325

—

4J

1ft

44

—

2.1

46

133

+ 1

BB

6.5

This anrvxjncementoppears as a matter of recond only:

$4,855,905

Software Products International Inc

ComrnortStock

f .: • The urKdersigned arrcviged the private placement

v of these securities.

[ L E ROTHSCHILD, UNTE&BERG, TOWBBM INTERNATIONAL
ROVVE& PITMAN

fSbrucsy 20, 1986

Theme Holdings, the restau-
rant and public bouse group,

' yesterday reported a Dear 58 per
cent increase- in full-year profits
and disclosed that It is in the
throes of joining the USM. ...

The profit increase, from

£205,000 to £323,000 pr-tax for
the year to Mid-October 1985,
mainly reflected a strong per-
formance by Tb erne’s three core
West End restaurants, Pdpper- .
mint Park. Coconut Grove and
Fatso's Pasta Joint, and was '
slightly better than the forecast
made when the company joined
Che over-the-counter market last
March.

Mr Roger Myers, the chairman,
said yesterday that the
restaurants managed to increase-
turnover by 11 per cent despite
last summer's poor weather
which, in particular, prevented
the Coconut Grove from benefit-
ing from the full potential of its
outside seating capacity.

Group turnover, of which
restaurants account for around
95 per cent, rose from £2.49m
to £3. 06m and. together with .a
near two point improvement in-
margins, generated a higher
operating profit of £308,000
against £206,000.

The chairman said that the 1
company's application to join the
USH should be considered by
the Stock Exchange early next
month, which would suggest >

quotation towards the end of that

month.

This move, he said, should
"give us the power to make
acquisitions with our shares'’
and will be conducted via a
straightforward introduction of
Theme's 5.5m shares, .which
have a 2p par value.

City analysts anticipate an
opening price of something
approaching 50p which would
value the group at around
£4. 75m. Nearly half of the
shares are owned by Institutions
and the directors account for
nearly 38 per cent

Like its name, the company's
restaurants and pjibs are usually
furbished on a theme basis.

Expansion plans involve turn-
ing the Kingston MU] pub
r-'M.-.cent to the river Thames at
Kingston into a split level
themed restaurant and bar, the
opening next week of restaurant
premises at the Quadrant, Rich-
mond, and the first Fatso, Pasta
Joint fraebise will open early
next month in Hertfordshire.

Further franchises for Fatso's
Pasta Joint which offer
customers the chance to eat as
much as you like for a flat price,
are set to be established in and
around London while the Pepper-
mint Park is soon to undergo a
revamp following the award of
a licence to sell drinks without
food.

The Royal Air Force readied a peak strength of older and increasing])' vulnerable to infumiev and
1,200,000 in 1944 and more than IV* rnifikm men and economic hardship. To cam- on its work, the Royal

women saved during the war years. Air Force Benevolent Fund must raise over

Thousands did not come back. Many Ik in the forgot- . £5,000,000 annualh.

ten corners of earth and sea. Many thousands l5ore ^netd 5*°^ help. Ererv donauonw-e remvc mrans
were left disabled - men rally ami physkalh-. w have mow: to give. Please remember Urt Fund in

J ■ your \fill;ftdvjce on legacies, bequests o

Farh year demands on the Fund are increasing as the u gladly given. If you know of an yon
m rviro t s of World War n and their dependants grow quality For help from the Fund please!

Royal Air Force Benevolent Fund

67 Portland Place, London WIN A AR Telephone; 01-5S0 8345
Rcgiaered under the War Charities Act 1940 and the Charities Act 1960 Reparation No. 207327

Rationalisation benefits
give Raine £0.3m profit

Ibune Industries, the. house*
building and engineering group,
has recorded a pre-tax profit of
£320,000 and earnings of 1.02LI)
per share for the half year
ended December 31 1985, The
interim dividend is raised from
0J2p to 0J22p net.

the results represent a sub-
stantial improvement in the
group’s affairs and show the
benefit of the rationalisation
programme to date, the directors
state.

They are confident that the
year's results will demonstrate a

continuance of the present
trend. The group is in a strong
financial position from which
to finance further growth, they
tell shareholders.

In the first half of 1984-85 the
group incurred a loss of £97,000.
having been affected by the
miners' strike with the New-
castle steel rolling company hav-
ing a particularly bad time. By
the year-end the group had
recovered to a profit of £408,000.
helped by a £298.000 exceptional
credit against £615,000 in the
preceding year.

Today's hospitals are
about symptoms and illness.

We want to change aU thaL

Charing X Medical
Research Centre is about
causes and health.

Because the best of cures
is many times worse than
not being ill in the first place.

Agreed?

Then please support us!

A hundred pounds to make patients more
comfortable is soon completely used upl

‘The same hundred pounds (Greeted at rooting
out a disease may never be used up. If research
to that end is successful then the suffering it
prevents is limitless. Incalculable numbers of
people will benefit for generations to come.

Hfe need gifts from companies, charitable
trusts, societies, schools and not least from
individuals if our appeal is to succeed.

So please act now. __

["charing cross rM® Z2

MEDICAL RESEARCH
CENTRE APPEAL V/ Mg; J

I Please send your donation, as soon as posable, fffter
to: The Honorary Treasurer, Charing Cross UyflKf

Medical Research Centre AppeaL •

1 100 Wood Street, London EC2 2AJ. I

Address:.

Amount Enclosed:.

.*r»~lN

T«± for Actowttfc-mTO □

:^Ll

last June is providing good
opportunities for growth.

At present the group's com-
mitted development programme
represents an estimated value on
completion in the order of
£8Qm, something over double
what is was at the beginning of
the year.

The integration of Plnstone is
complete and the realisation of
its. development projects, com-
bined with other existing group
; developments, is well under way.

A number of new projects
have also been initiated recently,
including forward funded office
developments in St Albans, East
Grtnstead and Fleet, and retail
schemes in -Hereford. Carmar-
then and Rayleigh.

In the 1965 half-year sales
were down to £l£8m (£4. 38m)
on which the gross profit was
£207,000 (£255,000). But much
higher interest charges out-
weighed an increase in other
income, to leave the loss.

BOARD MEETINGS

Intarhm: Coin Industries, Dale Elec-
tric Inwrnetional. Dlalene, Madia Tech-
nolosr International. Photo-Mr Inter-
national, Pleaaey. Star Computer. TR
City ol London Trust, Tor Investment
Trust.

Finals: ASEA, Anglo-American Secu-
rities. British Petroleum, Crown Inter-
national Products. Drayton Japan Trust.
F. and C. Enterprise Trust. Lancashire
end London Investment Trust. Arthur
Lee. River end Mercantile Trust. Tren-
charwood. Ward Holdings. Waiertoid
Glass.

FUTURE DATES
Interims—

Bracken Mines Fab 27

Kinross Minas Feb 27

Leslie Gold Mines Feb 27

Tottenham Hotspur Feb 21

Unisel Gold Mines Feb 27

Wlnkalheak Mines Feb Z7

Finals —

Ault and Wiborg Feb 28

Capital end Counties Feb 25

Jacobi (John I.) Mar 27 !

Ozeiid Fab 25

Turner and Newell tMar 20

tVatnrotrgfts Mar t8

Valuation Investments Feb 28

t Amended.

The biggest free morning
newspaper in the world is in
Birmingham. It has evolved from
Reed Publishing's strong presence in
regional newspapers.

Since 1981 we have built a business
which produces 5.5 million copies
of regional newspapers every week

Today 5 million of them are free.

Once again Reed Publishing is
moving with changing media
patterns and the fresh needs that
result.

Regional newspapers make up
Britain’s second-largest advertising
medium with jT984m total
revenues. Reed Publishing have a
5% share.

We planned a newspaper group ~
with good geographical spread:
our newspapers now circulate in
the North West; North East,
the West Midlands, Esses; the West
Country and prosperous areas of
Greater London.

Reed Publishing's progress has
been marked by imaginative _

product development: An excellent
example of this is the Birmingham
Daily News. This free morning
daily was launched as recently as
October 1984 and has a guaranteed
distribution of 350,000 copies -
with total penetration of its
targeted area. It is delivered
punctually between 7.00 and 8.00
aan. and advertisers report high
levels of same day response. Its
success is firmly based on a combin-
ation of the news and advertising
that readers and advertisers like
and want.

As with Reed Publishing’s
regional newspapers, both free and
paid fox; it is self-contained, with
editorial and commercial staff
integrated into the community.

With titles as old as Berrows
Journal, founded in 1690, and as
young as the Daily News, Reed’s
regional newspapers encompass
the best of the traditional and the
most imaginative of the new in the
regional press.

Financial Times Thursday February. 20 . 198 #

UK COMPANY NEWS

CONTRACTS

Baker Perkins
£llm US deal

flH' 1

CONSTRUCTION

Scottish housing orders for Wimpey

GENERAL

BY UONEL BARBER

■M ■» ~B Housing contracts totalling two-storey houses in Brant tract A contract, valued at

J I £5 ,74m have been awarded to the Court, Dunbar, East Lothian. To £2.47m, awarded by the Edic-

^ ■ Bt'Tff'l I Scottish region of WIMPEY be built of traditional brick/ burgh District Council, is for

* CONSTRUCTION UK, a subsl- block, completion is due iu the modernisation and up grad-

diary of George Wimpey. The March 1887. Access roads, paths ixtg of 255 houses In Restalrig

first of three contracts awarded and services are included in the Drive, Edinburgh. Work cotn-

by the Scottish Special Hons- contract. Under the third, prises minor interior alterations

The placing is conditional on ing Association, valued at valued at £750,000, 32 homes of including redecoration; renewal

Rolls-Royce
to design
US warship

Management network

Baker Perkins, which makes The placing is conditional on ing Association, valued at valued at £750,000, 32 homes of including redecoration; renewal CI12111C
plav and machinery for the Baker Perkins .vqulring more £i.76m, is for construction of 82 traditional brick/ block construe- of plumbing and electrical In- O

food, chemical and printing than 50 per cent of Sterling’s homes and a community block tion will be built in Coronation staliations; new central heating; A team composed of BOLLS-

industries, yesterday announced issued share capital. Sterling's in Firrhlll Drive, Fin-bill. Edin- Road. Fetercolter. The contract, thermal insolation, and Installs- ROYCE and American manuf sc-
an agreed merger with Sterling, own directors, who hold 3 LI per burgh South. To be built in tra- for six single-storey cottages for tion of door entry and television tuners ALLISON AND GARRETT

a New Jersey-based manufac- cent of common stock, have dltioaai brick, there will be 17 disabled persons; 10 single- aerial systems. External worit has been awarded a contract

turer in plastics processing in grantal Baker Perkins options twtHJtorey and 12 one-storey co t- storey sheltered cottages; six wUl involve sundry repairs and worth ewer ;£lm by the US Navy
* deai worth « 15 ' Sm teges: two-storey flats; two ^ A for P«hmimny design work on

(£lLlm).

vor the year eni

The offer will take the form 1985. Sterling repo:

March SI twVsiorey warden^ hoS, and two ^ toi y 5°***®? #, J ind “ naaintenance ’ decoration and re- ^ advaaced Jycirlas turbine

net sales four one-storey disabled persons' A** 8 , will he built by newal of water mains , and the system proposed for future

British Telecom/National Net-
works has awarded a contract
worth £500,000 to TECH-NEL
DATA PRODUCTS for network
management equipment. The
equipment will be used on
British Telecom's own data net-
works as well as on the Customer
Service System (CSS). British
Telecom's CSS will provide its
customers with a single contact
point for communication with all
British Telecom services whether
to place an order, check a bill
-or report a fault The system

SJi/soS^W a^ 8 a3wwi£

^^eTewNol equiumrot win
provide m Mitering, intel ligent

SterventionswitchW*^^^
nostic infon&tiWL 'Tto Hfctra

reconJUfuratitfi Is cawed tor
wSfhswitidd* to Standby equip-
TOefifelUty in «BOTo
lion allows system to offer

the features urer require
at a central ate and at- remote
network sites, 1

of a tender priced at $23.50 per of 526. lm. representing earnings houses. The second, valued at April 1987. Landscaping and contract is due for completion medium sized US warships. The

share and is being made through of Si-97 per share. £1.1 6m. is far construction of 48 services ace included in the con- in January. 1987. system being put forward by the

Baker Perkins North America, If the merger goes ahead. trio is based on Rolls-Royce's

a wholly-owned US subsidiary. Baker intends to integrate its n c -m wwr . v m _ high-efficiency marine Spey

The acquisition will be existing US plastics business, KaD2C Of WOTK VvSirPP Wniiffi QF IXifhl*X7in£^ll engine and Incorporates an Inter-

financed by medium term bank covering machinery design and ” V ? 1 ▼ V VFR MVjj CEB- X wqJ'A TvlvAI cooler and regenerator designed

for Llewellyn HAY GURNEY, Norwich, has Heigham Works. The scheme * *2S2?3g

Protection against fires

Baker Perkins North America,
a wholly-owned TJS subsidiary.

If the merger goes ahead.
Baker intends to integrate its

The acquisition will be existing US plastics business,
financed by medium term bank covering machinery design and

loans amounting to $10m and a distribution, with Sterling's.

placing of 2m new ordinary
shares in Baker at 235p per
share- through Morgan Grenfell
and Hoare Govett, to raise
£4-65m, net of expenses.

It is hoped that Sterling may !

Range of work
for Llewellyn

Water works at Norwich

been awarded a £2m contract also involves a pumping station

be able to place some of the contracts, worth £7.75m have ^" a Aw wiSr inS^ w'SteS dso 'package the^riplete unit

work currently placed with sub t^en awarded to the LLEWEL- the River Wensum at CostesL v tramtfer thewater fromtheriver T*» team Is spearheaded by the
contractors to Baker's plant in t.to croup The Greater JSTthJirrfzril tracer me _ water tron ine nver turbine division of

Michigan.

LYN GROUP The Greater tSwkST MktavS?

London Council has Placed a for the City of Norwich is cur- pits and the other to transfer Preliminary

flfim contract for a further 55 „»ntlv taken from the Rivee _ des«pi contract, placed by the

£l.Sca contract for a funner oo renUv- taken fmm the Rivn- r/ — ~ , — ~r Z- — _, design contract, placed oy xne
timber-frame houses at Thames- wertsum at Heigh am, an arrange- 1116 water £rom t ? e pi ]j? a US Naval Sea Systems Comm a n d

-J t— ” ~ tiput raw water mam tn Pa phsm In TV r. nn» „

Manchester based WORMALD
FIRE SYSTEMS has won an
order for the installation of fire
protection systems on land is
the UK worth nearly £2m-
Wonnald Is to supply on a design
and construct basis an extensive
range of fire control and pro-
tection systems at the MoD
Donnington ordnance depot in
Shropshire being rebuilt after

a fire in J983J
of the facllitj
supply of soi
piping; It w£
year to coznple-
of all the . D
which include
heads and wal
. with a combi
1.5m gallons.

The hires aba
i calls for the
e 80 mUeft ' of
l take nearly a
i| the inMaljation
smssary systems
18,000 sprihker
storage. tanka.

nk capacity or

wy a r | w P9v I mead. In Eastbourne, two pri- znenz which is unsatisfactory new raw water main to Heigham in W a s hin gton, DC, Follows a .

HarVPV I IlOfYlTISiOTI TMTIiIL vate developments with a total because of the limited raw water Treatment Works at Norwich, feasibility stud^ into fntercooled IVtPCtiVt? niltierWRt6r

tldl TCJ UUU1JJBUU [I1UUI of 48 Ihomes are. together worth smrane facihtie* available! t The scheme wiU commence In regenerative systems. Similar UcICLUUg UUUClTTait

52% ahead at midway

CONTINUED improvement in last year was SL5p. • at w „.__

the loan book, coupled, with a Mr G^Uexs-Pratt reports that

£850,000. For a similar sum. The completion in August 1987.
Hilton Keynes Development Cor-
poration has appointed Llewel- . ait .

lyn Construction as contractors l/nho 111 IITG

and is doe foe S8"JWS'3rBi*&

Rehabilitation projects

s^ssns"sa su^^sss . spss

Electric, but only GE are com-
peting with the Allison/Garrett/
Rolls-Royce team in the design
phase.

*

Harrtrv & Thomusou to show a tial increases in January. This I store at Ealing for W. H. Smith, eight contracts in the private Estate, Biddestone Road, N.7, for The US Navy has awarded

uarrey OC inompsw U» anow A w u .“ al ®r K “ “ 1 l» a,n-nui > h of chnne mcf. nnri nuhli. Udfnn M,a Ijuul.n Unnvnoti roT T.Horr nirvn GVSTTIK rxir- »

markS increase ih rraults for dustifies the policy of continuing At Harrow, a block of shops cost- and public sectors totalling the London Borough of Is ling- FACER SYSTEMS, INC. a con-

the half^B^endSd DecSnber toreawLh new branches ing Just over £300,000 is to be £10.4m for construction and tom erection of houses and flats tract valued at about ?10m

uie naif year enuea uecemoer to esmpuan new uraucura f N Both these rehabilitation projects. The con- at Eisenhower Drive, North (£7m) to test and validate soft-

28 1985.

Turnover rose by 79 per cent.

nationwide.

Last month Harvey purchased I schemes were negotiated in con- tracts Include: Conversion and Beckton Estate. E.16, for the ware for use aboard airplanes.

from £599 000 to £1.25m while the loan book of a Coventry- junction with a development extension of existing building London Borough of Newham; helicopters and surface ships,
thf ore-tax orofit showed a 52 based company t radin g as Good- company and are being sold as into elderly persons’ accommoda- repairs and improvements to Hie contract, awarded through

ner cent advance from £194.000 man & Sterling. Reports so far I total packages with the land, tion at Aldersbrook Hostel, Brad- fiats at Pitcairn House, Frampton the Naval Air Development
to £295,000, after interest paid are encouraging and the chair- [ Two refurbishment contracts in ing Crescent, Wanstead, Ell, Park Estate, Hackney, London, Centre (NADC), Warminster,

of £111 000 ’(£79 000) Principal man is hopeful this business will Brighton total £1.7m. In the for Springboard Housing Asso- E.9 for the Greater London Pennsylvania, is for one year
activity* of the USM -quoted make a good contribution in the Hotel Metropole (Brighton), 66 elation; rehabilitation of flats Council; and modernisation of with the Navy having the

FERRANTI is to supply replace-
ment computer facilities worth
£L5m for the British Under-
water Trials and Evaluation
Centre (BPTEC) BUTEC
operates a trials range fitted- with
underwater sensors. The mala
purpose of the new system is
to use the signals from these
sensors to compute the positions
of surface and underwater
vehicles on the range. This will
help to ensure range safety and
the data will also be used for
the detailed analysts of under-

water vehicle periwmauce. In-
stallation is due in August 1987.

DAWSON has bi
contracts valued at
for the supply of a
to UK and oversea
the contracts indud
plant ordered by
its Chadwell Heath
will include a Brills
back Dairy Soaker '
a capacity of '640
ann ate.

in awarded
nearly £2m
fttlln g Plant
i customer!.
11 a bottling
lnigate for
©pot. This
hbuilt come-
Wfasher with
fettles pier

k 1 :. .

Harvey & Thompson is pawn- current year.

bedrooms are to be upgraded and provision of lift at

broking; the Lewis Group, a Lewis Group is continuing to I and, at the British Telecom House, Pieshey Road, B

ter dormitory block, RAF Northolt, option to renew the contract for
uck West End Road, Ruisiip, HA4 two one-year options.

ScottiGh-based debt collector, was expand its services and customer I offices. Southdown, one flow is Road Estate, N.7, and rehab Hi ta- 6NG for the Property Services

acquired last October.

base. Although the initial costs | being remodelled to form a com- tion of flats at Halsbuzy House Agency. " SULZER BROS (UK) is to pro-

puter centre. _ vide three compressor trains for

The Greenall Whitley Group, , , Rolls Royce requiring a total of

for which Llewellyns is restor- GLUGSTON CONSTRUCTION Authority, a £lm beet handling ig MW of electrical drive power. 1

ing The Grand Hotel Brighton has made a good start to the year facility at Peterborough for Valued at over £3m, the order

following the IRA bombing in with orders in excess of £5m. British Sugar and new tarehouse is for a compressed air station

1984, is to proceed with a new The largest awards Include a and prescaler foundations for for an engine test plant in

The interim dividend is being of setting up the Stephenson I puter centre.

lifted from l-5p to 2.75p net at Agency have proved greater than I The Greenall Whitley Group,

tin ues to make good progress, meat 1984, is to proceed with a new The largest awards include a and prescaler foundations for for an engine test plant in

he would hope that a further Tax takes £113,000 (£90.000). bedroom wing and conference £L7m ESM1 unit and day hos- the same client at its York and Bristol. Completion is scheduled

increase could be made in the leaving the net profit at £182,000 I suite to The Bull Hotel at Gar- pltal at King's Lynn for the Bxigg factories.

second half. The final payment (£104.000) For earnings of 5.32p 1 ranis Cross for £L3m.

East Anglian Regional Health

for February 1987.

THE RE

FRANCE

PUBLIC WORKS LOAN BOARD RATES

Effective February IB

Quota leans rapaM Non-quota loam A* repaid
at at

Yaara by BPt At maturity* by EJPt AJ maturity!

Over 1 up to 2

Over 2 up to 3

Over 3 up to 4 ......

BBSS

Over 7 up to 8
Over 8 up to 3

Over 10 up to 15

by BPt

At

by BPt

At

■t

maturity!

u*

m

Hi

Uf

13*

13#

12#

HI

111

u»

12|

12|

12*

U|

HI

U*

121

HI

12#

11#

u»

11*

m

12#

12*

Ut

Hi

Hi

13

12

U#

IU

H#

H|

12

12

HI

Hi

11#

HI

U

13

HI

Hi

Hi

• H#

12

U|

lit

H#

H|

U

HI

HI

11*

HI

11*

10#

HI

H|

ni

101

101

10*

Uf

U*

H

101

10#

10*

u*

11

10*

COMPANY ANNOUNCEMENT i

EAST RAID G0LR AID VRAN10M 1
COMPANY LIMITED

SfcK?^'

ACQUISITION OF ARE A FOR D ISPOS AL OF .TAILINGS
FROM DAG G AFONTEIN DIVISIOV PLaNT:

ALLOTMENT OF 47^60 SHARES v
East Rand Gold and Uranium Company IJntit^ (ago) has
acquired from Rand Rietftmtein Estates
Rietfontedn) surface right permits over an mjt WR6914
hectares of the farm RIetfontein No. 276, LR^giving Ergo,
the right to deposit tailings, arising from Itspa^gMontein
Division Plant, which is at prweni under constncfaon. _
The compensatitm payable to Rand RIetfontein by Ergo for
tim dSfflS area amounts to R2^60.000 (autyalent to
approximately 0.78 per cent of Ergo's share festal and

“■ k aV .■ a nmie aha Laa KAhvt ntttoil hv fhh

appmunaimy u.co yw vum, w .***6v« ~r

rmerves). Of this total. R705.000 has been satflled by the
allotment to Rand RIetfontein of 47,000 ordinal shares in
the capital of Ergo, ranking pari paste with ts amf
ordinary shares and the balance m cash. Ergo a ilsued capital
Tmw accordingly been increased from 42,Q31,7l2^shares to
42.078,712 shares (an Increase of 0.1 per cent).

The ttansactiou will have a minimal effect on ta earnings
and net asset value per share of Ergo. . AppUotions for
listings of the 47JOOO new Ergo shares have been mde to the
stock exchanges in Johannesburg and London. __

i;r

1 rt and 2" 1 Tranches

non-quota loans A. f Equal instalments of principal, t Repayment
by half-yearly annuity (fixed equal half-yearly payments to include
prineb aJ and interest). | With half-yearly payments of interest only.

Johannesburg
20th February, 1986

FF 23,000,000,000 9,70% December 1997 exchangeable

Bond with exchange warrant Issue

(OA.T. - Obligations Assimiiables du Tr§sor)

FF 7,000,000,000 9,80 % January 1 996 exchangeable
Bond Issue (OAT. - Obligations Assimiiables du Tresor)

CREDIT LYONNAIS

CAISSE DES DEPOTS ET CONSIGNATIONS

BANQUE INDOSUEZ BANQUE NATION ALE DE PARIS

BANOUE PARIBAS CAISSE CENT RALE DES BANQUES POPULATES

CAISSE NATIONALE DE CREDIT AGRICOLE CREDIT COMMERCIAL DE FRANCE
CREDIT INDUSTRIEL ET COMMERCIAL DE PARIS SOCIETE GENERALE

BANQUE DE L’UNION EUROPEENNE
CAISSE CENTRALE DE CREDIT MUTUEL
L’EUROPEENNE DE BANQUE
SOCIETE MARSEILLAISE DE CREDIT

BANQUE WORMS
CREDIT DU NORD
MM. LAZARD FRERE5 ET CIE
UNION DE GA RANT IE ET DE PLACEMENT

AXA BANQUE

BANQUE FEDERATIVE DU CREDIT MUTUEL
BANQUE GENERALE DU PHENIX
BANQUE HERVET

BANQUE DEM ACHY ET A5SOCIES
BANQUE FRANQAISE DU COMMERCE EXTER1EUR
BANQUE DE GESTION PRIVEE
BANQUE POUR LYNDUSTRIE FRANQAISE

BANQUE DENEUFLI2E.SCHLUM BERGER, MALLET BANOUE ODIER, BUNGENER, COURVOISIER
BANQUE PRIVEE DE GESTION FINANCIERS BANOUE VERNES ET COM MERCIALE DE PARIS

CAISSE CENTRALE DE CREDIT COOPERAT1F CAJSSE FEDERALE DU CREDIT MUTUEL DE BRETAGNE
CAISSE FEDERALE DU CREDIT MUTUEL OCEAN CHAMBRE 5YND1CALE DES AGENTS DE CHANGE

LA COMPAGNIE FINANCIERE

COMPAGNIE INTERPROF ESS I ON NELLE DE PLACEMENTS FINANCIERS
CREDIT CHIMIQUE FINACOR MM. HOTTINGUERETCtE IIYTERR

OMNIUM FINANCIER DE VALEURS MOBILIERES "OFIVALMO" ROBERT LEFEVRE S A

SOCIETE A UXIU AIRE D’ETUDES ET D'INVESTISSEMENTS MOBILIERS "INVEST1MO"
SOCIETE CENTRALE DE BANOUE

SOOETE CENTRALE O' ETUDE ET DE REALISATION DE PLACEMENTS "SCERP"

SOCIETE FINANCIERE DES MU7UELLES DU MANS “SORNAMM"

SOCIETE GENERALE ALSACIENNEDE BANOUE VIA BANQUE

3 rd Tranche

FF 2,000,000,000 9^0% January 1996

Bonds stripped into certificates of principal and certificates of
Interest and called “Fonds cfEtat Libres d’lnteret NomlnaP
{FJEXJM.).

CREDIT LYONNAIS

CAISSE DES DEPOTS ET CONSIGNATIONS

BANQUE STERN

■ '/.-I' ■■

JOINT COMPANY ANNOUNCEMENT

FREE STATE GEDULD MIRES LIMITED (FSG)

Regixt radon No. 05/26124/06

PRESIDENT BRAND GOLD MINIIG COMPART LIMITED (BRAHS)

Registration No. 05/32680/06

PRESIDENT STEYN GOLD MINING COMPANY UNITED (STEYR)

Registration No. 05/28210/06

WESTERN HOLDINGS LIMITED (WEST HOLD)

Registration No. 05/09266/06

WELK0M GOLD MINING COMPANY UNITED (WELKOM)

Registration No. 05/24464/06

(All of which are incorporated in the Republic of South Africa)

(the first four companies being referred to as “ the Scheme Companies )

SCHEMES OF ARRANGEMENT RELATING TO THE SCHH« COMPANIB
AND ISSUE OF CERTIFICATES

The Schemes of Arrangement (the Schemes) "hjch were
approved at the respective Court meetingaef the Scheme Com
nanies were duly sanctioned by Orders of The Supreme Court of
SoUth Africa ( Wtwitersrand Local 01 vision) (the Court) made
onFebniiry 18 1986 and will become operative on February 24
1996.

The last day for Scheme Companies shareholders to regbter for
purposes of the Schemes and in the case of Steyn to determine
in whose names the Free Sate Consolidated Gold Mines Limited
(Freesold) shares will be issued in substitution for their Steyn
shares will be February 21 1986. Until the dose of business on
February 21 1986. the Scheme Companies will accept duly «m-
pleted documents for the registration of transfer of their
respective Scheme shares. For these purposes, duly completed
documents enclosed in an envelope postmarked with a date not
later than February 21 1986 will be accepted by the Scheme
Companies provided they are received by February 26 1986.
Shares in Freegdd and Orange Free Sate Investments Limited
(Ofsfl) will be allotted to Scheme shareholders registered as such
at the dose of business on February 21 1986. Where applicable,
additional Freegoid. Ofsil and/or Welkom shares will be allotted
re those Scheme shareholders who returned their election forms
by January 31 1986 and who did not withdraw such forms by
February 14 1986. All allotments will be on die bases set out In
the respective Schemes of Arrangement.

application win be made to the LSE for listings with dfeet Irom
February 24 1986 for the following: j- r . I -

the existing shares of Steyn and those shares c^Stiyn-tb:
be issued in terms of the Schemes, all under the cbnbany c
new name of Free Sate Consolidated Gold Minis limited
and under the abbreviated name Freegoid on' the )£:

the entire issued share capital of Orange Fret
Investments Limited and the abbreviation thereof
JSE of Ofsils

the new Welkom shares to be .issued to those Sdeirte
shareholders who elected to receive such shares in *rro»
of the Schemes. ' (

Steyn share certificates will not be good for delivery on tiieJSE
and the LSE foam and including February 24 1986. . I

Freegoid, Ofsil and, where applicable, Welkom share certifidtea
will be posted: j

on March 7 1986 in respect of the surrender of
of title prior to the operative date;

To obabi their share certificate^ ) in respect of their entitle-
ment to Freegoid. Ofsil and/or Welkom shares, shareholders
of FSG. Brand. Steyn and West Hold are requested to surrender
their share certificates or other documents of title as soon as
possible to Consolidated Share Registrars Limited, 40 Commis-
sioner Street. Johannesburg 2001 (PO Box 61051. Marshalltown
2107) or to Hill Samuel Registrars Limited. 6 Green coat Place.
London SWI IPL.

within 7 days of the receipt thereof In respect ef
surrender of documents of tide on or after the opca
date but in no case before March 7 1986.

Shareholders of Steyn are advised that certificates reflecting the
change of the company's name to Freegoid will be available at the
above offices on and after March 7 1986. The Freegoid share
certificates will only be issued against surrender of the relative
share certificates, certified transfer deeds or other documents of
tide of Steyn.

The shares of FSG, Brand and West Hold will be delated and
recalled for overstamping to reflect the change in Welkom’s
name, will remain good delivery in respect of ail share trans-
actions. However, Welkom members who' to require may lodge
their certificates with the transfer secretaries for oversumping.
As and when Welkom certificates are lodged for registration new
or overs tamped certificates will be issued. The listing of Welkom
shares will be reflected under Its new name of Welkom Gold
Holdings Limited with its previous abbreviation of Welkom as
from Monday, February 24 1986.

Holders of share/stock warrants to bearer are notifies mat
Freegoid and Ofsil share warrants to. bearer, together wicfctalon
No. I and coupons Nos. I to 20 atached, and where appicmble
Welkom share certificates, will be available on or after Mrch T
1986 upon presentation of existing bearer warrants, tOgeth^With
the remaining tsJonr and coupons respectively (marked “South
Africa") at the offices of Barclays National Bank L1mited.$lodc
Exchange Branch. Diagonal Street. Johannesburg, South /fries;
Union Bank of Switzerland, Bahnhofstrasse 45, 8021 2irkh.
Switzerland; Credit du Nord, 6 and 8 Boulevard Haw sann,
L? 009 u. Pai Sv« r ?f iefl! anii Banqu* Bruxelles Lambert. 24 i «nue
Mam be. 1050 Bruise Is, Belgium, only. Surrendered wa ants,
talons and coupons must be left at least four dear dan-far'
examination.

Proceeds of frartional entitlements in respect of wtrrwi
coupons marked "South Africa" may. at the request <
depositors, be converted through an authorised dea
^change in the Republic of South Africa Into any current
for conversion fnto any such cu
will be that prevailing on February 26 1986.

Copfes of this announcement are being posted to members..

The shares of FSG, Brand and West Hold will be delisted and
dealings therein will cease on The Johannesburg Stock Exchange
(JSE) and The Stock Exchange in London (LSE) at the dose of
business on Friday, February 21 1986. The JSE hu granted and

JOHANNESBURG
February 20 1986

(sO®

I

Conflicts that the courts cannot resolve

By A. H. HERMANN, Legal Correspondent

Z'

THE COURTS can hardly man*
age the business which they ax*
properly catted Upon to per-
form, and still tjieir tune is
being abused by petitions which
are either frivolous or unsuit-
able or impossible for. them to
resolve: appeals to delay pay.
meut of arbitration awards,
charfcerparty actions brought on
fanciful ground to enable the
shipowner to profit from rising
freight rates, boardro om battles
generated by a frenzy of take-
overs and now a family dispute
between two barristers, the
Lord Chancellor and Mr Robert
Alexander, the chairman of the

Bar*:

The unfortunate judge trying
this dispute will be criticised
whatever he decides. A decision
in favour of the Bar will bring
on his head suspicion of bias
in favour of Ms friends and
colleagues in -the Bar. A
decision in favour of Lord Hafl -
sham will mate people ask
whether he could be really dis~

against the authority on which
his promotion depends.

However, such abuse of the
courts is on & -small scale when
compared ; with- that which
results from governments’ un-
willingness and inability to
settle conflicts between their
business ami economi c po licies
by negotiation and bargaining.
This has -nearly brought about
a t ransfo rmation of the Euro-
pean Court into, a political insti-
tution deciding the outstanding
conflicts of economic policies
on which the Council of Mini-
sters is unable to agree.

While the political role of
the European Court seems un-
avoidable. the , transa tlantic
frictions caused by the extra-
territorial reach of US antitrust
law could and should be
avoided.

On the eve of the publica-
tion of President Reagan’s pro-
posals lor curbing of the harsh*
ness of US antitrust laws, the
Public Finance Foundation, the
research branch of the
Chartered Institute for Public -
Finance, held a seminar* on the
painful -encounters of British
public and private enterprises
with these laws. It was chaired
by Ur Edmund Dell, the former

Secretary of State for Trade
(1978-78)

The mood was one of bitter
helplessness. Sir Alan Neale,
deputy chairman of ' the
Monopolies and Mergers Com-
mission, discussed at some
length the idea pot forward
originally by Professor King-
man Brewster, a former US
ambassador in London, that con-
flicts of legislative jurisdiction
could be solved by comity — the
mutual respect of courts of dif-
ferent countries — and that the
US judges should be able to
weigh the relative national
Interests involved and refuse
the application of antitrust
laws if foreign interests
prevail

Sir Alan did not seem con-
vinced that this offered a solu-
tion. The comity proposal had
been shown repeatedly to be
no thing but a sop to pacify
foreign governments whose com-
panies were exposed to a trial
by the ordeal of immensely

and interminable litigation of
preliminary issues.

It is quite natural that
American judges will consider
the economic policies of their
own government more im-
portant. Universal application
of its laws comes naturally to
every great empire since Roman
times. The relative unimport-
ance of state frontiers within
the US makes it tempting to
transfer rules governing the re-
lationship of American states
to relations with foreign
countries. As the world shrinks
and interdependence of trade
intensifies, the universal appli-
cation of a single system of law
appears- necessary and often
seems unavoidable.

However, there seems to be
no end to the difficulties which
result from the misguided' be-
lief that such a single system
of law can be applied uni-
laterally. The freeing of
Iranian accounts in foreign sub-
sidiaries of US banks posed a
threat to the City which was
removed only by the release of
the US hostages. In the Siberian
pipeline embargo, the attempt
to impose US rules on foreign
Arms provoked a rare example
of coordinated defensive action
by European countries, Austra-

lia and Canada.

The conflict of policies in the
field of shipping generated anti-
trust suits against some 15 lead-
ing companies which form line

conferences but was removed in
1984 when Congress exempted
shipping from the impact of US
antitrust laws. US shipping is
rather weak and needs to be
protected against competition.
No such exemption is available
to civil aviation where the US
is in a strong position and de-
sires competition.

The Westinghouse uranium
litigation has been settled but
it will take some time for the
trading partners of the US to
recover from the realisation that
US courts were prepared to
award crippling damages and to
punish non-US uranium pro-
ducers for nothing worse than
adopting defensive restraints on
competition after the US had
threatened their survival and de-
velopment by an embargo on im-
ports and by releasing its stock-
niles — two measures which

tom out of the market.

Will the reform of US anti-
trust law proposed by the Ad-
ministration bring some relief?
The proposals are likely to link
the application of antitrust laws
with trade protection laws for
the first time. This corresponds
with the new wave of protec-
tionism rising in the US. The
plans are expected to include
tiie removal of treble damages
from “rule of reason" cases,
that is where antitrust infringe-
ment does not follow automati-
cally from the law but has to be
proved by economic evaluation.

However, the new proposals
can hardly remove international
conflicts over allegations that
foreign firms have engaged in
conspiracies held to be criminal
under the Sherman Act, as was
the case of shipping, of uranium
and of Laker litigations. More-
over, the Democrats are likely
to stop the legislation in Con-
gress. In that case, European
governments would be well ad-
vised to go back to basics.

The Sherman Act was brought
in after the Civil War, when
the US Government feared the
emergence of trusts in a pre-
dominantly agricultural country
with a sprinkling of small in-

APPOINTMENTS

dnstries. These circumstances
no longer exist

The real motive for the appli-
cation of antitrust laws was
better stated by Mr -Joel Dati-

dow of the US Department of
Justice, when he saidt that the
US applied its antitrust laws
41 ... to punish, remedy and
deter international offences
which cause direct substantial
injury to important economic
and legal interests (of the US).”

It is abundantly evident — and
not least to judges called upon
to try such disputes — that con-
flicts of important economic in*
t crests cannot be resolved by
courts. As judge Wilkey, of
Laker fame and now US Ambas-
sador in Uruguay, asked in a
public lecture recently: “If there
is conflict of political/economic
policy between nations when
those policies spill over borders,
does tins not call for negotiation
and adjustment of the perceived
political /economic needs of the
nations in conflict? First to de-
fine and then to adjust these

whose primary task, the courts
or the political organs of our
Government?"

Litigation is a very clumsy
and very costly method of re-
solving conflicts on economic
policy. It is also unfair If
governments leave it to indi-
vidual firms, however big they
may be, to fight out in court
what are essentially national
issues. These can be properly
solved only by bargaining but
unfortunately, neither the US
nor the UK seem to be well
equipped institutionally for
such bargaining.

Though there is the office of
the President’s Trade Represen-
tative, the US still speaks with
many voices when it comes to
conflicts of this kind, and in
the UK the division of respon-
sibility between the Department-
of Trade, . Foreign Office
and the Lord Chancellor's Office
is not very helpful either. A
Department of Foreign Trade
which could integrate foreign
and domestic interests of the
UK and assemble an expert and
effective negotiating team might
be of use.

* British public and private enterprises

end American antitrust legislation.

February 18 1988.

t International Chamber of Commerce

Conference, Paris. March 12 1981.

THE financial times Barclaycaid senior post

Is proposing to publish a survey on

. GHANA

. . . On Monday 1? May 1586
Advertising copy date for this survey is
Monday 21 April 1986

For further information please contact:

Hugh Sutton, Area Manager— -Africa
Financial Times, Bracken House
10 Cannon Street, London EC4P 4BY
Tel: 01-248 8000 ext 3238 Telex: 885033

PUZZLE No. 5,953

ACROSS

1 Touch-type? (8) -
4 Scared of »’ female sally (8)

8 Abernathy, say, softened by
drink (7)

9 A river once more backs op

and *»»« (7) :

U Earliest piece of rock-music?

12 Please start (4)

13 it® oriental dishes cannot be
taken out (5)

14 One . whose grave charge
. proves effective? (8)

is Not 19? Boy amends score'
— («)

18 — little woman Accepts it,

showing goodwill (5)

20 Mostly -loose change for
capital (4)

21 Defied Dot’s order in Welsh

congress (10) .

23 Notice lines of the literary
Anthony (7)

24 it is the Virginia elk-— ran
quickly! (7)

25 Gnome reciting (0)

26 Grantehester’s things pat out
—about four? (3-3)

1 C3vil newsreader? (5)

2 Does, perhaps, get round
policemen for a tie-breaker

2 Hide outride? (9)

5 Fellowtaking Heather for an
impetuous dance (5)

6 Symbolic study of schools
(7)

7 List of people to control
Circle Line (9)

19 Infantry slack and un-
restrained (9)

13 Welcoming banks for 21 ac?
( 0 )

15 Draw at Maltese resort (9)
17 Resting-place of castles in
the air? (7)

19 so terribly confined

C7>

21 Perfume mostly comes from
this W. German city (5)

22 Location of film-director's

attack? (5)

■ Solution to Pmzle No 5^52

Uiuuii=uiMWi3

r? S K a Q 0

LiWaailSJ 930330313

□ a b a 2 u a 11
usBSHOwaa
. !3 9 H 5 0 3

asaiia Has3EH*:aiBHs
21 a n rj • a ?'i
[■nsisunsasics seub
0 ■ ■ a n a 3 k
nasraaa asraasaas?
2 a a e-gj a as
ISSHSHBliiS EaiUJinia
,=3 a 3 u ■ 0 i.ia
■offiiiHEansaa

Mr Tim Ward has been
appointed assistant general
manager of BARCLAYS BANK’S
Barclaycaid division, with re-
sponsibility for finance, legal,
international card strategy and
relationships with other Visa
banks In theUK.-Mr-Ward, who
takes op his new post on March 3,
Is currently Barclays deputy
group general manager in Italy.

Lord Kimball has been
appointed a director of UK PRO-
VIDENT INSTITUTION. Be Is
chairman and non-executive
director of May box.

*

Mr Peter Bates has been
appointed a director of
GENERAL TECHNOLOGY SYS-
TEMS from March 3. He is cur-
rently deputy chairman of
Plessey Electronic Systems and
is a member of the British Over-
seas Trade Board.

★

Hr C. S, Eaves, finance direc-
tor of Philips & Drew, has been
appointed to the board of BURY
F.C.

*

The UNION DISCOUNT COM-
PANY has made the following
board changes from April L Hr
John Selater will become deputy
rh frirmftTi in succession to Lord
Remnant, who wil be remaining
on the board. Hr Graeme Gil-
christ, group mana gin g director,
will, in addition, become an
executive deputy ch a irm a n .

*

The B. & R. TAYLOR GROUP
has appointed Mr Liam Ferguson
group financial director and Hr
Clifford Affllek deputy managing
director of two of the group's
principal subsidiaries. Mr Fer-
guson joined the group as chief
accountant in March 1985 from
Price Waterhouse. Mr Afflick is
group technical director and a
director of Taylor Hi tec. His
two additional directorships are
at B. A R Taylor and Taylec.

Hr David Ross is to become
general manager of TORONTO
DOMINION BANK’S Europe,
Middle East and Africa division
based in London succeeding Hr
Carl Maluaeus who has been
appointed general manager,
corporate banking division at the
bank’s bead office in Toronto.
Hr Ross was previously in charge
of the bank’s Chicago office.

BRITISH ISLAND AIRWAYS
has appointed Mr Ralph Erridne
to the board. Mr Erskine. pre-
viously BlA's engineering
manager, now becomes engineer-
ing director. ^

CITICORP VENTURE

CAPITAL (CVCL), the venture
capital arm of Cbticox? Invest-
ment Bonk, has appointed Mr
Brian Havill and Hr Sandy
Smart directors.

*

The board of directors of CBC
UK, the new UK insurance brok-
ing subsidiary of Lloyd's reinsur-
ance brokers, Carter Brito, e
Cuhna. comprises Kir Clive

Sasserath. chairman. Hr Colin
Brown, Mr Patrick Crrgg, Hr
Peter Hicks. Hr Christopher
Kenny and Hr BUI Martin.

Hr C a Renton has been
appointed managing director and
Hr D. S. Warring, deputy mana*
*qe engineering director of
T. BLAKEBOROUGH & SONS, a
subsidiary of Hopkinsons Hold-
i0ES -

C. T. BOWRING SPACE PRO-
•ECTS has apopinted Mr Cl.
"eville as chairman in place of
Hr A. H. Bolton who remains on
he board. Hr B. G. Moore has

been appointed managing direc-
tor. in succession to Mr Keville
and Hr S. Barker has been
appointed an assistant director.

★

Hr 3. F. Heard has retired as
company secretary of JURY
PROPERTY- “HOLDINGS. - Mr
Albert H, Shaya has been
appointed .company secretary
and chief accountant
tr

The ASSOCIATION OF
BRITISH CONSORTIUM BANKS
has elected Hr Jan Ankarcnma,
managing director of Fenno-
Scandia, chairman for the year
1988-87. Mr Peter A. Belmont,
managing director of Libra Bank,
becomes deputy chairman and
other members of the executive
committee are Sir John B. Hall,
m a n aging director, European
Brazilian Bank, Hr K. Yosbloka,
managing director, Associated
Japanese Bank (International),
Hr G. J- Sapstead, managing
director. International Commer-
cial Bant, and MrP. J. W. Taplln,
chief executive, UBAF Bank.
Hr A C. Waten, financial con-
troller, FennoScandia, has been
appointed honorary secretary to
the Association.

*

EDELMAN DALE FINANCIAL
COMMUNICATIONS has ap-
pointed Mr Alan J. Kennard as
director following the merger of
the business activities of Alan
Kennard Associates with Edei-

mar| Dale f inancial.

*

Hr Stephen Huddle ha s joi ned
the board of BERKELEY
EXPLORATION & PRODUC-
TS as commercial director.

*

Mr David Martyn has been

appointed buying director of

LLLLYWHITES, a division of
Trustbouse Forte. He joined
last May as trading director.

•k

Sir Frank Ereaut, recently
retired Bailiff of Jersey, has
been appointed a director of
STANDARD CHARTERED
BANK (CX). ^

MEADOW FARM PRODUCE
has appointed Hr Bichard Field
as sales director, replacing Mr
Brian Glynn who has left the
company. Mr Field formerly ran
the Milton Keynes plant Mr
David Bill is to leave the main
board, becoming manager of
Meadow Farm (Southern) in
Tonbridge Wells.

*

The MERCHANT NAVY
OFFICERS PENSION FUND has
appointed Hr Paul Seed as
deputy investment manager In
place of Mr Philip Henderson
who now concentrates his time
on the affairs of Ensign Trust
in which the MNOPF has a
major shareholding.

Mr Peter LaJster, formerly
chairman and chief executive of
Thorn mn, has been appointed
a' non-executive director of
FLUOR GREAT BRITAIN. Also
joining the board are Mr Roger
Kitley, sales director, and- Hr
Bryan Heekey, director of
operations.

*

Hr Tim Hayward is to succeed
Hr Guy Parsons as partner in
charge of the PEAT MARWICK’S
UK insolvency practice on
April 1. He is currently partner
In charge of the insolvency
practice for the London region.
*

Mr Hike Tate, former City
Editor of The Scotsman, has
joiaed the MOORGATE PUBLIC
RELATIONS as a senior con-
sultant Mr Alex Walters hair
also joint as a consultant.

Financial Times Thursday February 20 1986

-

t . I-
• l *N

. i

Scattofe MrtnaTft»uite*'5«itty

V »i*w Sr. Glaum 0*1-218 6321

FnLaJall . ' ,e*M Mil*

Pi*uoijs»i » 4 j 4 1 - '

Sctttob Mutual Invntnents

KHSt Vincent Sl Claw* 04X2486322

WdiFjM..-. flflJS itt.fc . i _■

“•rapFm .. JlWJ IliJ . tfljl. -

onorwftBB . jiwo TgjJ mb -

io» 3 ' tItj Z

-»'sj -

*** -

On wn — if taw
Con fori -
CngmFdil

Uh6Friunrra
Srirt IrtniFuri
UMMUlaU

NmAnmiiFrt

^pmFii

WIMFrt
UK Sriri+rGri Fra
HnMH»W
P« Grate Ft*

PyraDjeaytroey Tin
Pol

PgmCediFni
NbinFu
JmwSnwrw
BrnWra-M/VFiri
Pywsimuriuwai I
PWnua i»hm'

PenPtahcFn) .

FFnMwntFaa ,.._

teBSSgfcdHU v

Scottish Provident imtiMSm)

a Si Wrw &J, Loaourgh

6 pn» — — .11*1.7 tai,

lommii _-_^_Jl4L4 149.

Sun Lite Ond towa w C onfal.
5w m PraTOOM (ta n ag MM O i LM
ilwnh lor anonKtef KMi uwibi.,
•« >WrtKt- . .JB1 »i

• FWMrlB It*5 ISB?

Pm. Earn Au... ...t(|!0.5 Wn

r.unfnta - .1188? M83

Pm m Lttd «a - lion* inert

pcalCmiak. <1820 l*n tJ

Pre«HT.Emta.lHi I76.f

Pm U S BeMlAK- 02*8 111 41

FM.JIPM JlSJ.7 161#

Pm Paonciw.. — Juia t«3

FifEwnukt-JW* *6!rt

1 082 *

ProarnyFra d lolro

FoMMFnd J1U

Fimimn - G)jQ

gn4*4 KJ *0)*J

Pm UhMit Ian. . - Un.4 1 U 3

OttOrt . . U5.9 ixs^

Pm. twi iw imj mil

dum. 1548 im3

*!* Ian* ML -1382 146 ft

Do Drd, 1»A 15J2

Pm-JMipfrtjInn .._ 11*2 SMJi

pa Ora. 122.7 ~ U«

Pm. Find In. tat UDO - 1168)

c*> ora — ii*2 ia»4

P+w-tadra-tka tat . .. 732 . «3

Da Out 1004 .105#

Pm C»* 1*1- - - 109 0 I lilt

Ott Or* . —.film 12461

Scottish WHOM' FMBP
P0 bn W^CdUM* £ HJb 5WJ

HotairaH mis . yn y

layPri?Ff*|«__. -_BSJ-9 387 J

laPtfirreld — Zfi-LO 3-SO.St

HU3INH Jiia.9 iwfi

icumm- ..^TTSpuj . jail)

twiFw -£4)0 255 «

[ ■ on " i fmn - — JZ&J76 l*Srt

lnimiartFm) -093 0 20*2

PwrtW-Fnii 5 71* WK

briWSn.Fd. J100 8 Jlffl

c*kF4 — : V-Baai . js«

Pm faiaaiZfMo - 2*7 S

“* Em Fa Ora . -Ss,» ' 2903

FWPm FO-Ont.-^Wi* -_M89

»w la Faw c®6 242H

Flat isLM fiUVo.,, .QOT-1 .2202

Pm.MSULl'dOrth-pU 1IU
PmCarafa tea.— ,JlB-2 . - .1631
PUMra Fro I9_ ^3i0M.4. -I0S2.4
Miii UFmit „._ nima 10035
PM Pnpfrt 19. T — U*iB 1*54

Ml Can F<* 19 fl702 170 2

Ci Uaif Auft65 — _1*MJ5 - . 475 S

Sentinel life pie
3 Eyre Stmt HUL KIR 5AE

FnimiMMKi ftfts - its.

NmUrtFCwEi-JU 5b3

Skandta UfrAmwt Co Ltd
FseMshetin*, Hrhnii 0 k, SHtaMN

h°7 »- ' 201.91

188?!!“ 8* II

BB&&U •• i

EumbmeipF*. I6M 177^

ttLOKanwYT*...— . flp -.-iM

OukFtf ...JlUTA- . v 3**a

:B3 r

+0« -

hum ten

SeKrtamnm 2170.7

Oriroft <0202

Mi nnort C owK Mil

Urapun Sore. Stt- — 1S»J

01^2784488

-W Z

M z

UMm&MJ

F*4PraeS6m

CaiKFort IK

K^n Kax

ET-Zzz

PnhmaShBf —

bBUnCMnmrtw.

Kmm mcry —

SffiSF'—

CmIom —
OuanldEcmO

WlWI *rt 2.

09 4 . ' 115J -*05

DU- 1122 -4)6

272 1331 -04

33 - - 901 i09

Of.2 111.7 *07

29 1 1351 *05

ZIjO 1275 *05

306 1377 rfj

1L7 -UTi +OI

227 1292 *05

.Tf-'l -14 -

tefl&zzd

iWWMi li— i B

Sz

Emxlain. 1

iSs&irtSzz

130 J - 1 J -

973 -as —

.lias -m -

.1181 -12 —

. 1181 -LI . —

" 1»5 -04 . —

0187

Fjrtmm

Furt IMn*M

irtEm*

7Kui5<mwna.-

KmaCaKraM

SsssizziH-

WBSl: = zz:Si

Sna*n Co. OnMr — 1226
P>mir«aMCa — — 1012

C« Ina 998

(MlM BS

7>>n) Inarm |I028

Fimuchi 1204

(M6 NM. Rmurert ... Mt .
ttnalHcrttem.— — U0J
UwlalCnrt — 10L*
6hOMT«aw*W......J99

innuM. 1719

Ml

Earnpun — I960

IwpSiiCM- — , 1322

16m nam »47.

JwaTid*-. 127 0

WEtnUliAv — - 1187

jWaSmln Ca II* 7

baaaareMaltauot-. W«.

ttatli AamcM— . 103J

Amtuo Srmjkn Ca —1062

T5B Hjl firwta B24 -

TtBManua— — -41188
no Uii* Man ——4s 0

T586mn*L 4753

rsB&H6FxrtM. — 1«M5

tiBhiMPic 136.7

rcBParth. [1128

»SB Mnuna - - ill*0
r^inettMOrt .-r-3234

SSSSiMSSrt “sSI

fMSSU-JSJ

. UM -u —

148' *82 —

1261 —87

U4J ' -

1027 +03 -

-Dll -03 —

FnndUM
Hartman
Pnpcnail

Twobridte WcBs Eqattahle
tttoyCpartTrtMOwlWIh 089Z41466

UMOmanca . Ml? 9 -3Z24) -

SMmMarM Mil 1712 -

Sa Z u i w a, SI 60 325.7

ftaaTHan Eitirt 1076

PiOrPhn TnMc- — 10*6

Onrtaina Cadi Fafla. U* -

^ f, * IQ- - . Jgl lH 771n —

Tywbl tetnaact/Ptatiom

IB Cauyngr Kart, Bnnol 0772732241

Sa v fezzzzzzd
la y Si

Pianart? l«b4

Onwi6 . ■ - 19L5

KB.Prt.J4M «JO

CmhaBn* KCk _

OTrtrtr- — TT . Z — — »M 2U7 *20

WO. lama C«. - — - 1687 1774 -20 - •

FarEauEa. S1TJ 228E -11 -

Fiadl 138* 1061 . *81

Ca* Dona* 297 1260

Pirtrt*. |oa.7 llOJ

S^rzzzrSS ig! z& z

laanlMOrtFiaM 1076 1UJ *04

■Orlhgill 1_ 1802 UPU -21

SarHnrtl < IIU 1991 -20

SO Mart * 1*90 1788 -85 -

Star MartS im 7990 -1.7

pi«MMiniuSrZZb97j an.Tt *os •

UK Honse, Castle St, SaMnpySPlJSH 0722336242

Seee| i S :

UKFoMlaMK* »B 1DM *°*1

Dqnu — — 196.9 181* -I -

- srr=rt—

-Oil -
*011 —
*?n -

r-.zzBS5

867 -0JI
1346 -04)

132.4 +8H

1311 *Ol
109 1 +03i

1*31 *051

1187 -Ell
, 120-t -all
1304 *801

114® I

JM.n -80)

l«l +0.5

1» 1 -0.4

1524 *03

CHli -04
t«n -a;
UL *411
rtrt um ma
pa uta

KaSfczirgK
BSBszR 1

Pm UK Fm wm _ 175

PmOaMW— gB

Pm Mn Lrtrt 480

PmNartJinfnuB — HU
Pm Parte Ban 0095

Far UK Life tee Wtodwr Ufc Aw.

VMferngh Lite Aswaace

41-43 Urtdai St. LnadMWlR9LA 01-4994923

MaaaartF41il M884 rt*3| *17t -

trtOFaUi ■T.-gsU 7981 +75

laa.F0.6l ZZ&KJ 328* *1*

Flirt IM. Fd la) _Z_<Wi6 3217 *4.7

Proa EQ.ll) 2441 . -

Can re ui lipoid 2iij *oj

PxhcBMlFd ID- - 0125 1185 *87 -

Norm Anoncaa F4 ill . 8321 13(3 *4M —

EaspranF*. b) 4*66 17M -02* -

Vanknrt Punu iwIh I

AlZouSw. Si. London W1R9U1 01-4994923

Maarten. - _b6*5 T4571 *491 -

Ewn... <p7.» 534 7 *7J -

UaulErtU -81634 1721 +12 -

FiMMunl 2983 *23

Enacrtr. E7S2 07 J —

Can- 6094 US 2 *83 -.

faafe*l4rtM •?»».., 1 XU *J-

Gaarveed— ZJ 118* -Oil

MmamuIMm . -061.4 169 ■» -I2t -

StaBdard Life Aesomnce Company -

3Gwme5l.E*«h*<«lhER22X2 031-2253S52
BTiBiini rj . . , ___ hftSft . 3M.7| *14

K SV..~U jSSS • .430.il +22 -

rrtinnn. -.-..Wi 21*3 *1S -

•m-l-wfl i08B mi *01 -

inmaiM j -SB 7-S JOi 7| +1» -

1 9 o n rt f - - - — ZlDli . 39LQ —

E3r/. ■ ItfLB . — .

Fmaltaurt b«9 *g| *1*

Pnma lartr &9.4 M7* *U

IrtMim*-- ■' ■ ' ' 2gl) *LJ

Prawn Md*«tM.rtM-]U£l Ufll) *02

Dmm wrmaiortl - .^74.7 39951 *1* -.

147? *81 -

Whrtsar Lite Atwr Co Ltd

fiojol Miert Koase, S*«i SC VW*6or

SSTbSmi — iMt SlS

Aum Prt. lAB glDO 390JI

FKa.iaiG>wB --8084 714*1

H. Ann Fart .P19B ZJl H

Fin A»Gta -HtOOul tWJXhil

Bet te Pm. 3 1*** . (

FarEMfd 0619 171*1

HOOK Find -g7*a 236rt

TakmarFnrt -P38-1

KmXrf tKanannO— J*07 1 414.71

UKEonw -.-—-731416 2016.

flunne — (2914 2967]

Parte — N126 asM

Pnpmr ZhMl IgM

HirtKcfiNtZ KJSe im|

ntPueFoMlK -BMJ US5]

SEt»«ii miZZ"" ^3

:H z

Rss tsr- -RSi m -

Sou A IHbmtp InMWW ftMp

Sn> Uiance Hone. Honfam 0403 Midi

ISrtrtFrtd 1246 347.0] *131 -

@Ssm==m m m z

feSSmySli^T: St- 321 *

tu rnu *63 ®J * *J2 ”

hantanurw mu mi -04 —

Fn taurine. . - LDl ja.5 *02

DeMFrt ... 166 J 174 9 *«J -

MWInil L388B —

ChSSrtT^Cv. - . 0144 ZJUf 48it

t ST- - -JeHl7 S*43 *12 -

&i.a- *82 1

SETT: 1144 4 - 1S2«. I

San Lift of Canada (UK) Ltd MOWunB
R3,«eocksrtr5l,SWiYSflH 01-9305400

OFFSHORE AND
OVERSEAS

ActBxmih iBvntanert Fund SA
37nMHew0awe.lww«BUH 7»l- 47971

rtlrtrtilai *2*39 -1 +0511

JUn ImmtMait

PoBladi 708. 8000 M*nc6l Tain 524269

!m£ ZZ ZZZzfilmkW imM *lS

Fmn BM6753 tow * 059)

fiSfi’”' --zZHfi « SSI -

Mhmy Find Manaaeunt Lhrtted

HI Bm 73. 5) Haber, JtrWy 0534 73933

MnvSFOICi) *30957 U48al < 095

Hail Drain) Frtnm 21

' Afllwct Capital Ul i nimt l lt ML lac.

Grtum*

Mmmc

rtagrtM.«iB

tnnFilun..

PmnmrFd Him
F iart 1*6 Fd h um
uni rdAcna-

Maam FD Juan

FiK-Astacfflijar- — I .
PmMt*Ao-F4JWaZk!61. MOJ

Prn EOrtf Fit AO- HI 6?

im Ptprt, ra aa .. l i ois _ u»J

PmriBdMfaAa.JlBU 11? 3

Pm W«6a -fins 7 J09J

PmMunnFeJU 11094 IU5

Pm WHi*d5acte-fft5 PS-a

Pm.Ud.rd.Ad.. J1044. .1101'

Sm Life Vmt Ammh ltd

a J»rt 0»W, Brt*0« B599 ISL

7--&1

?sKs,-d.-z-aj M

*» 43 Upper Grtmnna Si, tartan, W1 01-4939606
CMtcal ftBM 449) -4U0t

- rtfaMfcjrti Z.'':Z!§iq Sm * 847! B44

- HiVwMBaad -Bin IB 1661 11237

- Mmanrt — SiAJ4 tow +ojnj

- m Tick. SiaJfc n» +0jd

- OMiar -Sibil 669) *uig -

- KtrtW 5*90 18.4C *OB3(1207

- Saw* ZttiajB 1623 +0IM -

- ■— ~ *0.191 -

Seem Jm 1906 0001474 !696Nna>

- MM Pwtar Mite w Mo wM Fuad Mgn-

. AIM DaaWr heart*. Dn^ps. IftM 0624-29411

ttllfiBiSUSB MWA m

- AO I DMrtMrtrtaUI -B0J81 0d05n *8002]

AO-l.nfcAaicrGMilZSUn U97id «fla

- 6DJ Fstaaui <79049? OaOOM -Bnoi

• 69-1. S04 Fad taK*)- -.1034a 0?sid *00021

... AiMlMOt S«BrW(B (C|) Ud taXcXS)

111 PQ Be> 428. S4 HeWrr, Jersey 0534 76077

OMIarWartTkl 4*7093 Ll«j | 10 «

GtTI Sees Ta-v- — -BJ • 77 3 *04 12.95

YrtBortTFrt20. _-J»19S Z»9 +11 377

SMflrtfdtrrtlB -.493.4 1435 ■ •

OHiMMUFaKI. 714 Bit' *12 0J1
14e*ldr*a9 7*657 Um nraha* rrt 27

AastnOan Cm Mngt Ltd
48 Aunt Sara, OmqiaviaW 0624 208*5

AimOmTiW. r*»5i0 46 W I

6m> Drthrt 6*~. Oat* * 1906

' BIA Band InmUwnb AS

'tit n #**Kis mtt CHWl 2u* smwBaisf

BaretWJMaaryll .-5ri04» lLMW

0272*26911

*0*

J**iAu . - : 1*611

PklldAu [lD4 4

Faifj)M6i iP-2343

ManfloMdAu — 906

U 5 DdAk Au. ,986

V«Su. - - - 11150
1 mom Cartm» AM - ;i»B

namBaMa - - ll« I

tmm. VWr.

INSURANCE, OVERSEAS & MONEY FUNDS

grt.UAOrtrAet- ftna 109 j . .

Fm’nto -JJ87 197 n ] —

PmEnaCor Au_ U12J lll3

Pm. (art. Ace. MIS UC7I *291

Swh* Life Pcrnhxn Ltd

99101 London Kd. Set+noata 0732430161

ta*..-z=$ SS5 M i

WnbM — - U0K51 10905 -

Pra nWf Bn 27 177 m . I

Murt ^ZlZ' Z—~{jjS*S lSg | --

NMni* Ftn »

TSB Uh Ltd '

PO Boa* tortl Hw,ArtMCr5P101PG 0264621B8

BNP hi* Hamad ( Jewey) Ltd
PO Be* 15& Si WWr. Jmi*

MP K tHuaiOA f Fort UM

L/b Dollar . . | JlPlftn

Sort . I UDJ4d I

OUaria . _ 1

i 3S| J z

0 172.71 -OJI -

Eyg.frtd- _ J164J 17271 -0J1 -

SartiK n an Z . ...bQ3J 114.0 *12) -

Deport PMhW — . -7W66 Il?j <

Target Life tamet Co. Ltd.

T»vrt Home, CMctmc Road, Aflertury, Bocfc>

105461 544]

Maoaprt 13471 MAI +1 H

Pnmntr .... fell 2A65) I -

Fine In.- ,Ub4l 1773 +01

UKEnaor 380? TON *1« -

H. Eatff- J2W4 ?7aa alb.

Depnu. <0*94 157 S Mil -

HmrtdPmcrtf fl40 6 1480) UH

OnenanUrtr UL? 0 117 4 t»*r

TertuMv ZpJ 94.1] UK —

WBrtdarte hiaMn. 3373 ]J9j ll*f

Parte ZZ5lS5 1216 lx I

AemraBan 2J0J B* « UK

jrtrt <uwb w,a UK

BMP ■-*— r*T ran* U*

MbenADunun fe|0S7 JO bbrtj ,

Fa lau. — All. 37 II8P I -

JuGM Baa? Baatt A Trust Co Ltd

OaHertirld Hawse, bant Carman
limner J. B*(r 5Fd _B1J87 1.J8B) *l!

tBm. JBaerifd-. 5l 102 1.1(5] +5 -

M68w. JiuerDUPd- 'DMIJMA ] 065 +!■ -

ppjf^r

Bamtonf Brandt Guernwy Haft. Ltd

P0 Boa 7L 5i Peter Pwi, Cacnrsey

0*81 26541

Teen art Canm -£7 54 BB?j

Pae.San.FW «M3S 405&! I -

The Baaghnh Fond

Hu rt* * First lor A Intu Ltd tlmr Aomonl
J00 Sunn Heed. Bangkok. Tholart

MV Frt 19 MKT 2A4.1A024 IUSSI0JWIB51

Bank at America International SA ;

35 Saaewd Royal, Luundxwq 60
•MfeMWe . - U60JW 161 ?0l I 777

aakad am'! w> aunondati

Bardm Qmconi I ole matronal
1 Dva* Crass, Si Heher. Jersey 0534 73741

lortTmi. — Al HIM 11140

IHK-Arterm Dwia Tu £1999 2127] <067 1 »

lWWaaTnni : B9B9B 99«( *09* liq

S Ukne, ra ..r LM 56 “ 1196

IMbcnrv FH_ J 12207 j b»»

DMHMicncfFe . I MK2I7 J»l

YeaWMxmcy T6 V3.210 I '514

176a-a«M.Pl HH.uJkrtMai IK. ^ : I -

The EagMi Trait Creep

lb Athol Sl Deoglas. Isle o4 Man 062*20739

tTFa>Lrt. 11142 IMS 1 -

Mu Mini Frt n

Eqoltr & Law lotemaSiDKai Fuad Mgs Ltd

VnottHw Preyra Hid, Densltt, IDM 06Z4 77877

EracrttBPlr (1106 1176j -L2j -

Eanseaa Enplr (1106

Fa LaUrmtaM. Si ObJ
Kfri Awmcaa [ipl| Al JDJ9
UA Eaaai - - — p9 J

1)1 EJilFuie aa j
Pmulmri Dnxrxi rir* 91?
DoOj-dmot . _ -M 983

swiminK - - Sir
Vr-Dapert .. .[*49*3

laxaned Currr+ev -7)06 5

1094) -04KH
105 A *0B
1005, *Oi
S«3 +0BCC
l5l«
io? g

y»ji *oi
ID? -1C

Eqnity A Law hctematieoBl Life Amt Co Ltd
Vidpry Hw. Prospect HjB, Donqla--. luW 062* 77877

srassfc*- ssh o^ j :

Hurt. AaorKJP tun -.iOMi 0 Mb! -

UK [pq —pi 4 5s? i

UP Ut6Fiat<l*l Jib I «S

DrtarDnaul -. -.S0.47B 051S> -

iun-aDfOM. Hi 5? oj |

HanM lamb - —.“53 6 57 6) I —

imnrtrtilMauartZisAd 586 1 .

Enuitage Management Ltd

19 Rofad Snoarc. StHeaer. Jr-sey,CI 013*76007
LafnrtFW- - Art IB 7* I

BoMACrtFd - - IC10B5 10 9? ; * 52

Cart Fort . -' t?256 '

Erniitaye Management Cayman Ltd

P0 BU 2192, llrt Cayman BU)I

0AU Ermupe In ht ...J 117 AM I l °it>

BAM EnwlaqeLU > M9M 1

Cavaaa Cart Fd 1 11176 ■ 7

Ha*CT - . l ll*M 14 19. I

EnroBfe Assurance Creep

5-11 Marmaer 51, London UF1N 7PN 01-631 07/fl
Arming CanUMair* . j 1I7B \ +0J|

Isflnf Eiartort Fd : 1126 > *05

Teadtan* Assurance Company Ltd
12 Ctnurtun* Rd. B’nraxh BH1 3LW (002291111

ttXZ&rfzzdM \%$ | r

Cart fuel U166 122.51 . 1 -

Transatlantic Life Aunr Ca Ltd
B NewftO, ctottani. Km MMMtB123*8

LACUPUm.- JE7S65 16*S .1

T rausintemAli anai Life Ins. Co Ltd

55-57 High HoBnro, WCU 6DU 01 «U 7481

ScelnZUaa.F4 -PWI9 H35|

StnesZEoedyFA- . MO 4 30b?

Sm?PnpF( 749 3 2AU

Senes? Fued las. FD— 2063 UM

Sms? Mow, Fd. 1478 1555 -

Sara. 2 O’ was Fd Dai 250+

Tirtp larOL Fd -IM 5001

TtrtpKamsedFd. — — DD.4 3471

ManigM 1 ** Fa IK S44 2414

MMMIW.FAAC.ZE732 28751
ItaAaFUn.-
■4jaPeo.Fd.Aec.

Trident Life Assurance Co Ltd
London RmA blsweuer

IW-IHenrtMM ta. -J97.4 JIM?^ -1 6,
U»W EnrtvAtt. - 1727 77 41 1

Uo-LIK Loop Ik. . -.717 7b J

— Baring Fund Manag er s (Butnuy] Ltd
~ P0 Box 72. 5< fleliv Part, Guernwy 0481 <

; 5SS£!Tf’.r- i r 11045 , ,

StnW 1 (JOJll . I

Baring In ternation al Droop

1901 Edndegh 7 mm*, Hang Kao* 01-5886133

AwtroiD Dion 116J] I 010

Hanghana- #1174 1566 -0?? 270

JaanTtriu #36?) 3064 . 07b

JWrtFud #5071 62 72 020

MabrSKg. #1363 1461 +83 it LOO

Pxrft Ftt —ilbdOT 17649 1 L5

Parte Ml Fd -Sum DSB -802; -

BWPD Z1I51L4I* 12S7M • 9«

Barrington Hgmt (Cl) — Barrington Fd
KlebMon Bcouii Hie, 5i Hrier, Jersey 0534 78866
mat taFrtl3 14U 149Jhd I *84

BWwptgate Commodity Ser. Ltd

P0 D» 4% Douglas. loM 0624 2J9U

IHUC-ritl #7256 77 lM T

CDLMT-FrtS E**8B 4 972* I -

Ongnul eiar-UGrt "fJ. Heal alar Mart 3.

Brazil Capital Services Ltd

48 Si Vanins 51, Ctedsu DZ 5F5 0*1-2041249

5.C. Europe OfaBgatmn SA
9 Awraae dr la lihcne. LaimMurg
Lnn Agcrv FF5. AaMlwry Hor*. LaMoa Wall
EC2H57A TeT 01920D776 TeHM 88728]

Exagpr-IMmlam - - ’ Vbl Ob 1 1 0 7B

Enretm I m e sto wn ts Ltd
1 Athol Sow. Douglas. Isle M Man
UK AgenaFISSI AJOans 8727 41122

EurourlaFn . . .19699 10167' I -

Kamhm Bank Ltd
4l Bmopigne. Lsreor. EC?

Hamkrn Pacific Fond Hgmt Ltd
2110 CcHsaugm Centre, Hong Hoag

AMMHanftfFrtlf #586 6 «(

&EAUrt*dFrtl9 J5B0 «0«

An* fW Frt 14 ESI 11 J1 IN

#M4 Eat Feb J4 #1571 16S?

Ksmtim Fd Mgn (Ci) Ltd
P0 Bai 8b. Cae+mey
C.rjrj . _.MT| 54JU

5Mtul5ds Fud GOTO 231 bJ

Sterwgi l a a n Find —.104 1 108. W
DMbr wtaw Fund - _ BlOM IJllS

MW . . Si 15 *> I7JW

■KIM _ . . few 34 oil

AmrrSpecAau.. - £1-24 Ijq

im 5j++gtFa4 - B2J5 ?«9

iieSimFgi. ...Ust in

AnrEoatriie ..HI 69M

twui Cioan , _ St?5 658 1

Camel Fart

kWSJim . jpl ?1 a??

U5S5nm . . _ ElbU 16 93]

DM 5mm.. .0114? 61 426?)

5*awFr«, tTJMig 30 70

Trnsaan-I — (r3254 J?W-

IHWIriywn BJ147 1J9N

lx & 5 Wnaawa Shares .#1720 17501

SrtSSlum • -Tuo 15 IDU^

U5 55)um. . - _#15J? 15 133

tuiimres. . |D*id(i?0 40213

WFmSum. _BF7CtW 70 03.

Vh-Uum ... HO 031 3 0223

HeDerop SuneNnavaa Fund ltd

Tyinun Hone. Douglas, lou
SrtWimaFdfWI* '1165 1S«B3

Heodcfson AdmhL (Gaenuey)

PO Box 71. Si PeVr Pen Gurmwy
Aamur'USirmi ...111 731 1683-

Min Rf IUS Ira, . . #L tB» I 167 )
GDI Find . . ..|£4 7B ion

Pm Hn Proa- fcl 34 I «2|

lack Craw Porta* 5l 2«1 1 3201

aUancFdCraraPnfio_iU 290 1 373)

Srtra UtotPonwUo #|?5* I I*

HoNlocnnrPsrtWs. twip] I 02K

lamr-W, . _S1B54 1 951

UsUwt . AI 606 LM ,

048126521

*&« 223

*44j 1J6

»7*J 1101
♦80S 1080
* I M? 913
mu ojo
+ooa -

*DM 1240
*o3 7(6
+0M 9 23

«D04- 424
*0 011 )(U
+4 570

Management lotcmitienal Ltd

Brt ol BrrnulJ BMgi Brnnuu B092964DM

BmiBFC - -C2K W-X

BdilBFl . . Tl 7* 11 4?

Prws Jt.reo 14 Nfri dMIid* Frt ?l
BdJ'CFt. . -312 97 11241

BdaitFI Si? 3) 12 SB'

Manufaetmrs HanavCe Geoluodt

P0 Box 91 Si Pmp, Port. Cuemey 0481 23461

Com B* 4JJB6 14551 -0?»

rVl 1 " 1 '. Jab flWs

LA hi . . 511128} 103041 |

LAAci} . -.3156 7? 157 05

Midland Bank TsL Corp- (Jersey) Ltd
28-14 Hid Si. Si Hritfr, Jnv> 053*72156

MdBkBKKrrO'n-^.lWi 10J.9: *07) USS

Mat Ok in BoMI. . A1J2 13*' ' 597

MlM (Jcney) Limited

P6 Do> 452. 5: Hrlin. Jrwt 051427*11

loaner, Agents 01626 3434
tan El in J> - 8171 1236 +IL5 354

lawn lit ix> . ..«! 100# -B« Jut-

Ui lac IJ’ - H74 50?; *06.1)36

Gotd&Pr+r i,i . . #0540 OUlK j .-

iMiFaFral* . -SdH 30 LB +OM

" " 17.3«; .Dos

177N 1

384 , . Ill

0481 26541
I 683. i 1 57

1163 1 1*4

10 371 ; 1205

1421 . IOC

1 3201 *0001; 168
] 373^ +0003) 012

Minerals, Oils Res. St*?- Fd. Inc.

P0 Ba» 194 Sr HHm. Jersrr

Ilian Frt 13. .4)0.57 1065,

+D)»5| 990

*<L01k! >JO

UK Aoeros FIS 51 Anars 6727 4112?

EianUrleFn . . -Mb 99 101 67' I -

Fidelity International

9 Bond Si, St Meber. Jmej. Cl 0534 71( 96

Dealers. 31201. P0 to 670. Hamrtan. BermKta

Anna fcwls m... #85 J9 8*66 i *11 103
An Villi Coal Jaa 31- | S4I67 ! | -

Am Val " PH Jap 31 -i 3100 76 J J MO

AowUrtirl SI) 6} 1? IB) *009 -

3 Bona Find 1, 1 #5 56 MB «0ON 920

DneMryFouifi ...-Slid? 1?<|. *0 03) 0 17

CnlarSaiMga Tsi'.-i -f 3130 37 * 0 03) 7 1?

Far Em Ixl .#28 04 ?4a« -0.11] 043

Eiamrrlri S17?9 18 15 +D?fl -

InserMDorul «' . . JSW l« 94b61 *12 044

OnraFnd'21 - - *3855 4P*aJ -Oil] -

Pirleui . #ltA» 176 08, +0541 067

SbeuUGroMbt/r . j3i?M 18* *l)J« -

WorMui --#44 13 4bJ« +0 44] DO]

Can r mix' 259 265*1 +0J. 10J0

im He. Tsl IX* .1002 10b 1; -0.71 5 HI

Inal lac Tel I/I _ 100 1 I0b3 +0^ 5 30
3 Fi.ro II* Tit. 'll .. K-J 57 7m +02* 10 70
SixrKag Aaamxa 1 r 1 I9?4 90S *0 7. —

Ftemmg Droop

London Agents RF+ B CrnsO, Sq, LC1 01-1x38 5858
FlraaagferFbdg .-731653 1729; I

FlramgJacanFiaM _KiCC lb MB, 51 -

Fleioag Irarmta* Fd . >313.2? 13B51 I -

Fortes Securities Management Ltd
P0 Bm 887. Grand Cayman. PWI
London Agems 01-834 3013

Gfi Hnrt-Intenr 1906 93 7| I Id 4

CrtlUK foil Bijj Ul

Dollar iac . #7 Os 7 32< 12B

CdrifOluaMi . .. 5*2) 4 46< ! -

Siraugu TraduKk — . #1*2 1501 I

Foreign A Colonial Management Ltd
1 Lanmcr Ponmnry HIK. Londo* EC4 01-6234680
FAC 4UMK rro 12 ' 31557 I J -

FAC Eanvuti Fro )] _J S1B72 I .1 -

FkCOrtMUIFrtIZ. . J 33552 I J 0 35

WeeUr drakaas

14 Mr)cmie+ Street, St Hetar. Jrrsev 053427351

'll Jo,

-DM 09]
»0J' I0J0
—021 510

to| 10™

TkrBraia Fad I 3*35 I +05M —

Brndontd HMgs 1 1725 I -016 -

Bridge Management Guernsey Ltri(aXcXh)
P0Baa311,St Peter Pun. Gnerre+y, Cl 0481 710711
VldfisdiCBandAa— -1E142B L*43) . ) -

lUkmdrCBaadlK— p?)0 123) 11 00

MOIWWCM Cap MACS il-568 LhlBi i -

0452500500
*32) -

+lffl Z
to fi Z

Bridge Hmgcnut Ltd

GP0 Bn 590, Kong Kong

HWiFAIJ (7WB0 3 180) . I 5053

nmmirnrr l~ *i 3r Vi «Hd I 066

Britannia I ML Inestraeot Mngnt Ltd
Bm 271, (teenor Home, Oaten Stmt, St H eb e i .
Jersey Cl (#34 73114

arid *0 tl 1265
1623 -0371 612

- Hendersan Management SA

20 Bjulrurd Emutrl Servan. Lu* 010 3522)902
ll a anir u n Mi«g«* nnHaut Ciimnj
J«xai5»FinJ .&.M t* *01)1

n Janaa Sw* Ces5anFM #721 7?# *0 15

_ Patna lain -ES4B 5761

Heritable & General Fund Mngn (Jcney) Ltd
n+ P0 Bm 443, 5< Hrtipr. Jersey D5J4 75141

Gdriaal _ 111090 II 7ri | STB

.. IMUrFnrtin.Fo.--4))J3 IIV ! 64b

® 54xt6ag Fiaed Ini Fd 1950 105# 10*0

“ HHI Samuel Fd. Mngn. (Guernsey) Ltd
20 PD But IBs 35 High Si Si Peter Pon, Gtcnwy. Cl
17 bawmeyTsl .. >486.3 517*1 +2W 2 31

*3 Kill Samuel Invest m ent Mgmt Inti 5A

- Jersey, P0 Boa 63 Trie. 4192274 Id 053* 76029

“ Berne. TO Bm 2622 7em 912250 TH4131 224051
*7 ciFcaHnsMri (sue 1209! 1

_ CrosM+'FjrExv) TSflDM II bU -01;

g] Cif I8aiduttrd> .. _pJ?T03 28<M *0 03,

Fixed K*H Berta . All?
OrmunrdifaHUaai -It? 346
ITFFdnirtaoiogs) — 316 72

14 Makwur Street, Si Hftar. .
F wOga A Ctteart tarn I

6Sm In* USA. .... !
B-5Mn Trim MjCiict J

K— Stan TennE J

C —USS Barts . x

*«4 129
-02 100
-0*8 -
-12 100
*dt 179
*04 129
-361 148

•00Q3I -

-*s3^

E -Startmg Barm — —

r-0 Hot Boon x um.v-* , +■+«-, «...

0- -Ten Boats J V1.032 +« 6b2

H-Eui Boats ZJ ErxdO 19 +O0U *b0

U -U5EWWS I 31001 1 *03l B23

FremUngten Overseas Fund Magi Ltd

P0 Bm 71. 5l Prlrr Port. Guernsey 0481-26541

Fm East Fwd j£OA17 Obns) +tUCj _

InnrACrt+lb £0*69 0 700 . 400

Managed PoUoto _i05«5 D57S I 06

Frankfort Trust Investment — GnibH
Wemai 1. D«000 FraoUnn

FT- Mam. .IDU43S1 *4 30) *0071

FranKIL LHrU Ftt I0M12740 13* Jl 1 +1 671 -

Frebi star Fund Limited

POStn MM 1735. HamVUrt, BemanU 8092957447

NAVFrtJ #490 SJ# I -

GT Management (UK) Ltd

BUi Flgnr, 8 Deeomtart Si LOPtBB EC2tf **J
Iri. 01-2B32575 Trie." 886100

London Audit lor!

MffiR».-=;RrA ^

Barry Pac FA hi . .. *1275 1 -OiM OJt*

Bmy PK S+rg i;< . ... kl030 100361 197

GTAdMSueateFd.ti —T 31*85 J 017

STA-aaFd. 'll 5459 I -OOC 0OT

GT Asia Sanaa 'f -447J4 . *957) I IJ0

4001 BZ9
*028 867
*00? LL*5
*02 1052
*0JB 920
*OJ 1120
*004 672
*8 6 1x2

*001 4 b0

*0j 823

FremUngten Overseas Fund Magi Ltd

P0B« 71, 5l Prlrr Port, Guernsey D4B1-26S41

World ol Laeiaee
itaridnl Tk*_.

Managed PotTlota i

19031

•Coma' itrr IDOxrs,

BBaCSB 93 5ad

Brawn Sldpley Fuad Mgmt (Cl) I
P0 Boa 583. St Heller. Jersey

s^sw’zrpai sa

MU. Bond lac (Oaoy) Jil? 43 0*SM
MCwryacylWnU 023 lJll

““I®

Ltd

05M 74777
♦OjHj 10J7

tod 651
1 800

Butterfieid Managemeal Cn Ltd

P0 Bm 195. HoiKbon, Bemu

Bnttms CaMai J *12*7 { ~

• Mil; i r

CAL lovestmeots (loM) Ltd

16 a Georges Sueel Doaglav. toM 062420231

CALEAC fcjJ 46d 1 - -

CAL Meta*' -8S9 _ ZTS I

■Dtnlags Deadly -DcafeagiUWy

CAL ta w e sti n ea ts (Bermuda) Ltd
P0BoilD2% HnmWoa. Bernxdi IB09-291 55950

CAL Fames Funk Jl 17.06 119*9 1 -

Capital i nterna t i onal

43 Bantam! Royal. LuunKwrg

CrtrtULFnad < 35092 I > -

Capital Preservation Fund luff.

14 roe AMrxgtn. luunnoiny 1118

Cae Pi risk tad— .1 $1108 i >

CMer Aden Investment Management (Cl)
29n Brad Si St Hrltar, Jeney. Cl 0534 78898

CA Date Mr Fa fntMfl 10514 ! ,8J7

CAMEdgra 11259 12*64 +00*11105

C be r te r tense Japbct

1 PMemoutr Ron. London CC4 01-2483999

naftcrdaiB i«i i ss

Charterteuse Japbet Cutrency Mngt Ltd
P0 8o«lB9. Si Hener. Jersey 0534 74669

USMaaaortFd . Ill 09 1 1 H2ml +0 II 62b

SirrUaa aaxnxgro Fd- . . JlUi 15 108?d -007' 7 17

ntnL Cattrncy Fond

HaMoraFuad . . Ilb0) 17 72) *003-

SictUag — U4 1B J

USOrtar 32723 -OOM

Onmriaaxn Ot*4T]6 *0011

Jroao-veVm . ... 73.911 *11 -

5m + Fraic.._ SF3&J0 *0 1!

Holborn Fund Mngmt (Guernsey) Ltd
ra Bn 61, Bermuda Mtr, Si Jtd tar's Are, Si Prlrr Pori
Guemvy 0481 26268

Holham tun) Fnad

Hanagrd Sleriag 11170 717 -0# 606

HaaagrtDcKu . ..#10(6 1069 -tlliPJ Vba

SbrtagOnwn 1021 102' - I 10 17

Dollar DcpM 310.00

DM Deoaul — — IHISOJO 5070 )79

1. -F.Ixroort r SF5O0D j -

JVea Degas* JV5.0B8 5J07< I 474

Hutaura Fund Mngmt (Jeney) Ltd

2BT34HM Si Si Heltar. Jeney 0534 72156

Vartrngk Carrmcy fort

iMomerAABi— ... 4153 6 153 4 -201 637

OrmalCKDl ll42l 142*1 -L«

LC. Trust Managers Ltd

10 51 Getagn Si Douglei. loU 0624 25015

IM CnmnklM Id. . 11714 182*1 1

IGF Management Services luc

on Revnrar. P0 Baa 1044, Cayrun h. BWI

in Grid Fd #1*1 1481 » -

MV luterbeteer

PO Ben B5693. The Hague. HoUmd

Esawralda iDPi Frt 19J DFI14929 I -009 101

InlernatiBual Bond Trust

2, Saa Irani Boyd, LmrrtXMrg

CIC 4144V Frt 19. 1 31403 I *0Ui -

tCCLShMAVFm»-J S2006 I *023

luvesUssements Attantbpies SA

14 Rue AJdnngeo, Luxendnaug 352 47991

HAD Frt ID #13 07 UJOl 1 0.76

GTAuranaFAKI— J

GT Bom Fart 'll

GT Dollar Fa ui —

GT 06 rSligi Fd I.-I

GT Earaae ruaul

GT Earn Smir Col/7.-.
GTQibalTirt Fdl.-I-..
GT HstaPTrtrr in —

GT larto. Tfl u)

GT Janan Sort Cs I/I . .
GT Taringy Fa - —

S75J3

3134?

1)401

27.76 29J6

31729 i
S1B04
MS 01

*3636 I
32*57 <

457H
S26T5
319 17 I
*1148 I
3)507 I

J 0)2
-0OC 087
I 1 30
-TUM 039
*0Ol! 7.45

I

L73

Imricta Investment Management
Z9l Bread Si Si Helwr, Jersey. Cl 0

GJ| Croat) Find. f9*6 10 15d «

G.h atone F.« 049* 9J5q *

GikAFiurtFxM— k9*4 100)14

JardiM FMq ft Cu- Ltd.

46(6 Floor, Com aagN CntarP, Hong Kong

JF Axorntaa— — ' #8*( 8^B

JF Asasoi" ■ 70 6 1C

JF (aural* TV 3*.*+ 4*0

JF Cart brow". II 4! 150

M Cvreacv Baa«r'.. _ 114 9* _ 15*

JF tasUrn Tu" - IKK1915S7954*!

JF laud TV SB 57 9 17

JF Paul* UK I raw— .. *30 7* .Vtflj
JF Janan Saudi Co- ...VZ9.909 30903

JF JaganTv V9JC2 5.IBC

JF Janaa TernnKagy .triOOS* 21 *31
“* ‘ BJ* 897

053*77522

^■W

1*5 jFP*Srts- ..aej*

_ JF Ham Kang Tn' -- p7 39

129 jFM-A&arexiTr— ^1027

vsrfrzaa " sy

CurreauFirt... #5 V ?5g

■ FrUlie FuanJ„iM94 5E]

ExmaiGiu FU. — <1203 J05i

-ooJ 1

Gartmore Fund Managers Ldn. Agents
2 5l Mary Aa(. London, EC 3 01-6231212

Gutman Fart Haaagrri MnaaUaoM UK m

05)4 70334
*7«
U5H
3048

si

Cantrt tarn F ia nmi FmXt LM

CSUrtog 1 11495 *001) 11.99

LM,- 1 31344 I 7.7B

D Marta — .1 0(1*7 » +0-01 *«7

S+uFrao I SF4290 *O0jl A3B

FrFrnan I FFr15727 *010 JJ5»

CitBndi (Cl) Ltd “ CKJ fowls"

Gre*n Street, Si Hritat 0534 70334

USSFrtd .. - ...I 1IZ51I *733

IStrTOagFM 1 (0446 BM

OMkrtrfnM - J DM2? J 17 3068

S+*» Frjaev *ftok? oy?

Janaane Vta T Brt — x 72301 *68 5 472

II innl Fart. . . ..] M2452

SrtriYenaNiSJxrrr. . 1 100(8 -

"Ciir>r~

Cdrcot FdJaaU 1 1*597 I I -

Comtufl Ins. (Guernsey) Ltd.

P0 Bm 157. Si p«w Port. Sipw)
laalUmFdJjaS tM!5 4ISXf I -

CortBia International
10a Bmktonl Royal

Carwxaiaod .1 Jl 06.10 I *12)1 -

Craigtamart Fixed tart. Mngn. (Jersey)

P0 8m 195. S< HHier, Jenry , 0534 27561

UtFirtUlyl 1760 78 9ri +1.911175

Vxfaed areatr HMnnatay

Credit Satau

23 Arttur M Drier ey. LiMyfdWurg

§!S=;S2JS^-iJ.Sre ^ :‘J Z

gsKSfrtrJa ic® *j -

BWS Deutsche Ges. F. Wertpapierep

GrooHugweg 113. 6000 Frmuun

(arena 0065.99 69501 *1 09

Dachau Investment Trust Co Ltd

44-5. VoMkHWOB. VsngdxigpoJta, Send. Korea
Kona Trou HAV Frt IS Wm Uv«ai USS1B61
Srtri Trust HAV Frt 17. Wrt 10996 USU2.4I

Han trust Management (Guernsey) Ltd
P0 Sa 93, Si Peter Pan. Guernsey 0481711818
DMrMLriWM — JW3J 10421 +191

Dean Witter Wurid Wide Investment Trust SA
14 Rue AldrmgM, LuumDnrt

NAV - J *1400 I +0231

Delta Group

PO Bm 3012. Nasun. Bahamas

Dthx lav Frt 1 1 06 II 54# 1

OHU Sdg Frt Jl -—-#14*6 54* W _ > -

unfloft fli dTii ntr~T ii tt~i Rmrr^ IHL 014238000

Dtutscter laves tmeut-Trust
Manner LnMrtar 11-13. 6030 FranHun

1 +00071 1151
! t 507
. *0 00 1] 357
[ +0d Sm

*0002 ) 3 ]0
I I 0*

I -J 00

+001. 10 50

*£‘13

'•niSb

DJ0

Drexel Burnham Lambert

Tl Lamm WaH. Loaoan. EC2 01-920 9968

Fimaary Crew Lmalad NAV FrtK SU4 72

WMCtawalhvefsJiMLiMrt HKV Jaa Jl SZ3 m

Hhadamr Fmaacrt LaMrt HAVJaa3IS477

•mrtmer Frnur Lmairt NAV Jta 31 SI1BB6

WmtanifT 8rcn«iy Lartrd NMjaaJIUOOln

Vnacaraer Rnenet Lnaura Cvrnni vmd 7 an

WsnaartrS«KUlFBrtNV NAV FM 14* 3Z0M 65

Wermart 5Ki**m lamrt NAV Frt 24 SS7 12

Dreyfp* Interuutinental Inv. Fd.

P0 Bon M3 712. Nauaa Bahamas,

HKV ran » #*’73 »*3(l '

Duncan Lawrie Inv. MgL Ltd

VWsiy Hu, Si Ptlet Pan, Guernwy 048128034

DLSirtmg -4850 B9 3*d I «H

DlSw -BIST 1*3 I 3 JO

Dunedin Unit Trust Ifgre (Sermoda) Ltd
Bart r* Bermuli Budding. BetnuU 804 2954000

Ammca Tnu IM04 10J9I i

Dim ft Kargttl Group

6Aae Lloyd George. 1050 Brandi 02 6403280

Cn— (day Brt | 09807 .

Currency 6 Grid Pori - | 31(0*2 I

Tram Wald Fid. Puri, j 977 4* I

WKKTr LKr Fia Pad I 5I3J

EBC Trust Company (Jersey) Ltd

15 Sep* St, St Hrispy. Jersey 053*36331

bCaipdm Pl/tr- Si Hrtrr Jerwy 0534-2730)

5»llrt5wri»«^.; "tlOU 1 +0 0021 1) 51
USSDnanaFd . 1107? ! , 507

bUOrnaul ra - J D«*5 LB6 . .0 00)1 357
VmDnMFj 75272 [ +0J Sm

S+Fr0ron4FJ. j SF516I *0007 ) 3JB

EmanuaFmi 1 II 30 | I 06

NarWAmenUara 1 SL41 i J 05

Japan Fd 1 S?*l +003 -

Pacific lain Fd . -J SI bS I *00? —

1 n> Growth Fd. . . x 51 7* ; +0SS 06

BmxJiFd.. 1)5* .001] ?0

EClIFnM | 103 I ! 8 5

HerlagGHiFd .. .1 U ID 1 +OJ11, 10 50

hVHignmtFd SI OS , *002 j XL0O

Yen Coa» Bert Fn »1659 +22 120

Saeima* Fd (Mgn IF* Caul LM (a| |6|

3*08 Tiro E-cHanyr Sq. B Coraugn Place Central No.
AimmuTn ta. 5*025 5 192 ] 1J6

Jrtrt Fd 7 ae. 0*909 5?«b» i DJO

N AawrKaaTyi WrdP26B95 a«b| +08P On

HU Bond F and Trt #11205 1100*: ( 5 7b

HKAPacUTvl Fn IHKSLO 4B2 I IJI1' 2J2

Onraul Vraoan T-j .016)07 166*2 -01» -

JrnrtWarraM Fa . - ha 125- *0051

Axskurezioni GENERALI SpA
PO Bor 132, Si Pelc* Port, Carom. Cl

m f z

Gertrwt SA

22 rue de b Car 1211 Eenfyx. 5ani.-i+una

kaonPatUi ISFUZ.45 1440 +L2

Global Asset Management Corpn.

PO B01 U9. Si Peter Port, Guenuey 0081 28715

rawwi* ... ; 111a. os ■ ..

G4Henu. _) 4 169 91 1

GAMfrt r, 3123 0b -

GAM Adntragr .. . 315608 -

GAM austral*

GAM Boom,

GAMEmugr

GAM FranK+Jf 5Fr SD36I9 ’ I

GAil tang King ...

GAM tatftaawiBi . .

GAM Japan .

GAM Ham Inmx .-

GAM P*d Ik..

UnSriaanHjMu..

GAM Treat

GAM WsrtOMdr .....

CMHCmnw me —

GSAMUaSMO

GSAMIm35arcrt

GSAMM5+rr. 5FJ0319 1 —

G5AM W Tea Y 10

G5AM fur DM DM1

GSAM MllSllag UO

John Gnett Mngamt (Guernsey) Ltd
PO Box 20ft Si Petrr Pwi Gaemey. Ci 040126268

tcroct M-IIM. 1544 60 o' *0 3)

bMtHWtatu- -U64 «rrt» *01-1205

Grauvflle Management Limited
PO Box 73. Sl Helier Jmey 0534 73933

GnarilrlroTw -.-'III 1,1,9,— 1 72

Hem aul<ag My Frtroary 12 1966

Grlndlay Hendersan Mngt Ltd

PO Bax 414. SI Hetirr Jfrtf r 053* F424S

■irtngMFM jl 1 bis* 12 146*i-0iKg2 -

MrtWdAU. ^»24W 13 1154- -oojp

Stnl+gFuM 101297 .*0iro6! -

Sintaig *ac- - ... ! 12 5621 -+0 0M4

UM fM • 2015C6 .+000*?;

USSHCA - I 24J59* -rOfloss,

OM Fd . - 54*3*5 : +0 006*1 -

SFA« . J 513626 , + 00060,

Yea 0a. - 56*0 I *ll

Grahud invest Managers (Guernsey) Ltd
PD Boa 86, Gaemey. Chaaari Ulanh 0481-26521
Gariaad latrnuiroul — <31.637 1 724> I IM

GIG A NAV Nov 22

Eagle Home, don Baa Hfhrr. Jmey 053476600
Giriiari Haarorirt ... 100 <1130

Guinness Mahon Fund Mgn (Guernsey) lid

PO B«i 188 Si Pr<** Pun. Gaemey 04B1 23506
MerrtbaaM FaU (That)

Pjcvcgmiitn Saairt — .iVfx*? ?7 46. I jx.91

IWrWlAnlHI . |4« | 10 70

Aconari align 5riitr>- - 311 11 34 0*> i -

( 5f+r++i L+M.+M C23 U 24 14

Carmi Dtp. Sum (Nil

tan* — . - - £:*«? *O0fC 6 6*

tartan U?a63 *001? MR]

yea ; 75.6^6 1B3 *24*2, 5 22

DravcOwii ■ DM55409 *0015- t lb

SimIixk . SF4+ lb5 *01111 3 l)

(laU Strategy Fieri |F»)

UrtnaCri+ieTrexT'.., m.» J ’

■I»x<» (Ul “[■*"» Man 4 lA"
InadBaFgran Bm FewgaCo Tel 01-618 5858

Leopold Joseph ft Sons (Guernsey)

Albert Home. Si Peter Port. Guetmry 0481 266*6
L J A 5 Carrrar Timd
Trinwcoe tartagrr lor baea Men

l J UHM '( *1848 18 76)

U Staling Furt —12115 2JJ(j
LJ Ooil* Gro-ia F» —Hi 1 15 11 5® +021

Kleimrort Benson Group

20 Fendaath Sl. London EC3 01-623 B0CH

K8 iiarraanmN Fd ) S25 93 I I 70

KB Japan Fra J 110*85 0*1

PvKtrtfli J S Gnaatti! 31)20 i D?r

Srgrot F.iiV+raa 31179 r 125

TnanriUMitFd . . . $7715 *081' l.9b

Vlcalata Trading CatpraaMon

PO Box 57)9. CTnutgD. "i+im '31219221717

C gi—aa> aluili«a> 98055 1

KJeiuwort Benson (Guernsey) Fd Mnsrs ltd

PremkMi Lite Intrruationa! Ltd

BertheM Hone. Gnrtmry. Cl 048126618

HESSKETz^BI' ilfSS 1 :

I w .Iter* |>mCY !•"» 9 * 1(11 .Vfktt

Prestige Umiguncat SLA.

20 Boulevard EannanariSeroaiwU* 010 35221902
F'tbPrrv Frbl/NAV.J 1705? | I -

Frill Pt+J Frt 17 J FFr7629 I 1

Providence Capital International Ltd

PO Bro 121. Si F*Mfr Pi. Gurroriy 0*81 26J2W9

t'.IKFa Im -.UTS* 192 I i *0 9|

l ur Slk Mkt ^J=2!8 2)8*1 *)3>

LSUgrtgi j|T37 IB9II *34

L Spd MS 13*5 1460 * 2 a;

UK Murry MH ]l»0 137.7 1 +0)1

S'" sik Uta . 11520 ItxtbJ *6S|

sin F. Id .,151* 1620 *120

SOIrMgd . .J|44# |»?| +21-

i Im Cxxrr+ma h»5 140*1 *12;

SWriTrtx 5W7 ISLfl *50i

SN in. 5>a MIL . . i)7 5 14Tri +1 fcx
SFarEau. 0355 1*3 T) .6x1

P0 Baa *4. Gaemey. Cl

GatffHey Inc )I683

GaemevAu. ... — 126*1
KB Lrtrt Fd lac Sin— K2029
KB Ertrticc Fd4cc_ 02*82
KB Far Eaa ,fw.l- Sl?W

KBGdl* 41173

AS Stritog Avwi- . Kl»w

0481 27111
[ 312
! Jl?
1 590
’ 590
JM
+0161 10W.
! 0*9

•kUlp* Anuf-a di-xirts jd 1 m-w *uf ul i>er‘i*Ti.i»Ar|

Korea International Trust

Fund Mudj Korea Invest Trust Co Ltd

un Vickers u Coo* Ltd, hmq William Street. Leogoa.
EC4 01 -623 2494

(NAV Wen 12*52 JO I DP otur U&S1* 2*9xA.

Lazurd Brothers A Co (Guernsey) Ltd
P0 Bm 275, lb Glatetay EKAanade, St Peirt Pert
Goemry. Cl 0*81 2136/

ESMgMgn |757 18»L .14

l 5ed an, I J*5 I46M *?*>

UK Murry UM lino 137.7 1 +0)1

Sill Slh Uta . jl520 16jy +6 ft

sun F. Id .,151* lb? V • 1291

S DiMlyd . .0440 155 7| +?!■

3 Irfi Cxxrr+mr 0305 140*1 +1 ?

SWriTri* 3W7 185# *50i

3N *ra Sri WL .. 4175 I47M *1 fcx

SFarEau - 0355 )*M +6x1

Ini PrsanriS 10*1 1120

Ini Money MM 5 ....l»0 1)9# *(il|

5+kx F ranc Mrgd .—#675 6 ID21 -0 1*3

C Lnen+MFifnl 334.7 144 9. +21,

U5 3 Hoag KArt 1061 H*.1‘ *3V

Pr«n on r.b 19 Mrs dMaig Fro 26 For ororr pi*n nrg
0(81 0x7269

Putnam Interna tio nal Advisers Ltd
KUJC.wSl LortoaWl 01-*39 IJ9J

r**g»«t*i-. ‘.J S12U I *<J1«)

Em late 5«- - . . | 31021 I

iuknMuon*i Furi 38503

Quanta Fund

10* Boalruml Bowl, Luounnbovg
OurauvFraNAV. SI? JB ■ *019*

GuilteriHeinoM Commodities
31-44 C++Klwni5l Lnrafcn CC2V 7LH 01-6004177

RrKMrtr Fra NAV . J 3177 1? 1 >169

Nr xi arahog our Manh )

Onifter Intertiathmai Management Ltd

PO Box 2£i6 5t PMn Pan, Guernsey 048126268

LaxJrofarDrjFdt . ( (79g*6ri ’I2:«

LaradCarDri rsuGS i 9S4VM I , 756

LuardCir Dm Fav. J 2*6»RM | ,3)75

Ll/am be [tat Fd Wl. .1 244 9019m ’8

Lxlsbi) Lu, Dm Fe 5F i 1918137 ! )J/5

LauroCm RnFdi. . Ilk? 1139 1175

Laurd Cur IrFdUSS .10 81 1 002) ■ 756

Laura Cm Rn Fn Y J190 120q 1 S2S

LaxaratUaen FV04I 1*1 BO *181. . 195

Lautd Cat Rn Fd SF _ Jil 06 31X0 j * J75

Laura C«Rr.F9Fr .111157 IH58| j 105

La/ardCr Bt+FdOtu 1*00 1*10 <7875

E^rtl

Uufd tu fom g fgM .toO *3 21 b7i | 1-00

Laiaxd Far Easl ..02319 la 69i . 100

Laxari im Cao (31562 1663. , 100

Laura Nib An rkl667 17 7*! I I 00

Lozard Brothers ft Co. (Jeney) Ltd.

PO Bm 108 WHetor. Jrrwy. C I 0534 37361

Ertl

Jananlit Faod. 1316 JB 12J*< I 10

Hum hlrnl

Laura lar Hn line < 01171 88 UlbJtd +?0 l*| B.5

LUardiai lau iac6.'T7l5ied5% IB730S *11 1*: B5

Crt GatbBud #20»57 205613 I B7

O-UrdBort-lac I . |M3*U 097) [ 45

D-hrdBartlAu.i .#14 27 14 TRl 1 *5

Lewis & Peat, Clarice (Guernsey) Ltd
PO 80a 1*7.51 Pner Port. GUriwey D4B1 23408
CoaarodiiFm 47? rti

Uoyris Bonk (Cl) IVT Mgrs.

PO Ba> 195. Si Hetier. Jeney 053*27561

LfeW TU [/tax-. 1820 19* «i I o«9

Km drat atg Fro 20

HaaTrouGia xJOlb )017ri *021’ 1)85

(ra deaimg Frt, 2b

Lloyds Bonk Geneva

1 Puce Brl Ait. CH-1211 Craru 11 iSniutrLaadj
Tet. 010-41122' 20 Bb II lea 294' **- K»ri
Libr+x Ira'i DriUr . . _ [S100 70 112 8 ' 97

Llriir.ini i Lunee -. iSFrl297 1»4 \ 17

(Jarai'a'iGronlb ^Frl/Dn 1B1 9K . I*

LkNAlml Hcane SFuWD XMO 1 75

UMiie'igXnru ,-113*3 1196^ t 18

Llarh. ne*l Pacific JSFrlHT l«2fl [ 1*

Lio«h un Saaanrr C a . JS 1S 73 16371 1 0 00

l« +0021

I trt *DD3l
1 5S *004,

Sex Brolhm (loM) Ltd

29 AIM) St. DciagU! 'oM 0b» 29*96

hong Furr ...11 3975 l*45J • ’65

Rothschild Asset Management (Cl)
StJtdiar'rC' Guensey 040126741

Of Awrma+Fd- . .Bjm JJArt ) 085

DCSaiCo" pi/R .P*b7j 163

OCCrartftfr— 214 3rij 1 ID!

orscorar SJi b* J35 a : on

OC HoagrgFon . . JITOS6) 07 tadal -2 1+ _

•Prtri rro 7 NO Frt 2L -Pncrx Frt 1* ua rn
28 -Picrx Fro 14 NO fro 28 rtDtg. nor Wd

OCtllLl -- EJ8J20 * 0018 1190

OClRlAS- IBM) +0 027116 99

OCIRlCS *5851 *00*1 10 64

OCIRLPFI. ... 57000 *0.0251 *bl

OClRlDKr 179151 +01071 7)8

OCIPLDU ._l 56 77 +0018 364

DCIRlECU . ... I5J9( *OOkl. B.67

OCIBiBri- _ — 1061.3 +0731 BJi

OCUlLFrr ... 2I06B5 +0205^1148

M1RLHK1 1IJJ93 +00*1 527

OCIRtL.™ . 3I.J81 »rill723

OCIPL S3 ... 7**36 +0 011 4.IN

OCIRLSF I 490)13 +0011* 2BS

0CIRLUS3 - - 6328 +0 021 1 7Gb

OCiftLYro .... 7.20J2I i +3-1*, 623

OCI RL Mrt t jilfl 757W13 PM +0 027*bi 1X122

OCIKLMrtOu . . -HOROTna 42 1677) +0005911 *97
OOPL via) ._ . .15I>ta/5 155101 +01735 669

053*27561

I 0««

Lloyds IntL Money Market Fund Ltd

PO Bor Ufc, 5l Prte» Port. Gu m*)»9
Auurxnxn DaKjr . J 4531 BBO
Dnrrtimxrt- - . i DM51 *45

N+w 7+alard tranar _.j NZS32 lb7

taruagCuu - - ■ (12*25

S+n-.Fxjan . -! 5Fr5jai2

USOof+Ciarx. . J 32*088

0481 2448)
+0103. 17 0?
♦COW 36?
-OJI* 1BJ9
♦00?d II 45
•0 2* ?9|
+0 32 1 7 06

USSDrtSAAtlA J Sl 52M >*00001

Da Dm 30 9976 ,-OOwl

Mid Cw Ui i im B . ! 31 )759 '*0PI4*

OuDri , DOOM *00)03

tiartd Irtb Tm 125 BU 1080

C n ra g nc 1 ‘ rti ng Tca»ra Craei Part-

laranr ... SMI) 1? I95| +0,-06.

Crt** 1 - SUM 13 935 *0236 826

-irtc, in’ r -arrjr- »•+ jrr ^r-

Iwuv R a rtra g Cwnncy latrat Fort'
lauxar LI0B7 II 4?4 *005

•Oder 1*11+ takum 5"* tartro ihaigr

USSRIOrty.

€ Marry
TPiUtMrv
PU Monti
biacai Fid in Ta
( Furd

1 loin. .

SFitrt.

tutBBfjr Frtt+i E»
naFigua Fa

GifitHi Em* ■

Ibroi Arar-rxr
JatunA Pai-' .

Xurdurar

u*

U-X-V Frt"

x.'+bU j++T
L'Cibxl [rrrr
Ma* Cw“*tix«

1 51-ulQunJ+r-
OiWV'/ (+"tir>'r

520 170
, Lid 1*0
. 750)5 Tin

1 3MU21e
VI Jl 21 >7 if

J2I1S 21771 8 )

>21 59 ?i 70.» 6 5

• 4085 4D9Sij 60

a»2i 3211c 3 5

SWSi 22 B5n , ?0

«LJJ ?8 9!ri • 10

nisi l’«e C7

■*I?44 !? hdxj ‘.0

SJG.’i -T3ea io

Sl-t>vx :-x5la • 2?

SL'w JJJlt: 3)

12b *1 2A«h* 72

118*0 ;S77g

• ■#o(x , i9i * r»GJt igu 1 '^fiM an I 1 /
v^r'!

l 5 Til *0 004i
I D7U +O0U

fNrn WMIng ox* Fee #i

Lloyds LHe (isle of Mm) Ltd

Bndgr Hbine. UiKrta+rr loM 0624 83*151

Laura 1*1! r« - 61 561 16lU

Pro- zrtblnaiB iBdae i. 3108J 7 *028)

RfhX llr 1rtg« Fd 409J 100

RgW.iIrGflFd .4143 100

feya 1 Li*r OK Eva Fd . -jin d) 100.

Roy? L«l» Aim Fd 3U4) 100)

Ruyii L*+ Curb Fd 5093 I DO ,

Korn L,lr Far Eau Fd . 50 *3 I 00,

SAiF. . IOC 15711*0 004'

vRAGroartlFd. ...1100 I DIM *008

MAG (Cayman) Ltd

PO Brt -06 Caidaxl 4 - m+e. G-xril Caynur. BWI
Aiiaraa E.Frol) SIO 15 1 1 02!

AaJta'iarE.Frol?. file 3 37 >

Gaia Lx Frt 12 -. ,51)72 > lb ’216

le/iim iimi' S5S58 W7JI ? lb

M & G Island Fuad

PO E'x* 11. 3) Rnei Purt, Cuera-x-y MB] 27111
"M «P.R 4 ITU . 2 13

tA.:-x+ f’Cx 727 H TOitr Hi

Man Iniematwnal Futures

SwiaQr* Lc»*-* Ihjr—i Lx.Lmalox,. ECS 01-626
B7H6 Trk'a 885*3! Nan yrrt, 212 91? 8 JW
U'n: t'*l 4+rorvtxl 31" 9/

US’ u_+ a+r+4 Ltd SIS OH

DCCTlt. . J 10.347 +0010( 1169

[CIFLA5 . ~ 15800 *00:3 1673

OCLFLCS . - -I 20 516 “OOld 9.5 b

nufion ... 50783 *vtm Ob

OCEFL OVa . 1 133556 +003^ 7J4

oceflom . . — ■ 40 as? *0011. 330

OCCTLECU -. 15J69 *0011 a 71

OCCFLBF- —! B2SU *0J4j E51

tCCFLFFr . . I 107 BoO *0 0851 982

Otcri R>s . __l 161615 *00)51 50)

OCCFL Lar . ., 76.01* +22 116)

DCtriSi J0J55 *0.013 *11

DCCFLS+F- 3Q26CI +OJM5ri 229

KCrLUSS — ! 15 3)2 rikaon 609

OCCFL .'rn . : 15*8.76 *1 56 524

OCCFL Mar l 9 93259 10239781*0 02*85- 1026

L'dpia LdSd'-niTi

Rothschild Australia Asset Mgmt Ltd

}7 Bndgr SI SrUnry 2000. Acrurafca
Fn+A-ram<UU Ca . #1 B7 ?4]l b 10

Rouse Woodstock (Bermuda) Limited

POH 1 179 Hjantton, Brrrouxu BOR 293 2244

Srimntnd - .1 5 12 73 I I

Royal Bank of Caoada Funds
BBC ln«HI Mnragtn Ltd

PO Be. ?4b Si Pnra Port. Gumey 0«1 7J02I

l+ilaunxrF-1 „ All 07 11 791 l 800

mutant*! ro #2690 3L »4

Nona At+rtui Fa 1057- !X9»!

FvEaUftPaoticFe . ll?44 1.14ft

Canaaaifj . .01143 ]?]b

BBC lou CivrrnMl Fd LH

055 V609 ,

CaiumnS J CSC TO r

ISlrat-ai 11J42 ;

UUari . . i DIH57D5 ,

S-+r.aae-. _ 37-4)62 j ,

Jgina-r ira ...‘ »70?) J '

Uxxxx+rxt F i+ri ... JT9A1 <

Royal Trust Internal) tuval Fd. Mugl LM(*)
PO Be* 1°* £i Hrl.w, Jmry 033427“!

5irt,R|F>4'*xrd . 80866 0BT7< 66(14'

int+nUliBIU- 5rc ■ >1 574 Ibfftf • 0 59

Uilr-.V'unJba-ul Sum 092.W 7 35

p- w- er, Frti 12 Nrtl OraliiR Fro 19

SCITECH SA

2 Bduiivxro KUVaL Luirxnbuwg
iC'lrxY’xav i SllOS «00r

Satan Futures Fund Ltd

AollMrirarSLLgngri'ECf 01 6210156

NA-XF+61-* t(J H 14 42

MB1 25021
I ROD

Save ft Prosper International

P0fcy»7J ,, f .;

Fan Htn+u Fun

C« m * trau 6n null yt ; :'r

If’ luv V -i v*. «.ti»

51 Firt l‘X* 2 1 !". s « 11 ■

»•+ Bra i s.'.j r I.*' ■

tarty Fends

GtCriPivina+>4S V.92 i.«v .cn,

CkaMp, PrrroH-f- F 1 c a*„'l III

un 5o«ir IBS.’ 2.T3 ■ *li

irtf+nrl C> S,?.k7 | 5 'M *31

lalxurtn . ;.10n* "IH *0

Nratalaixiiiin sin 78 1 1 rai *0

Gold m bo '-ffi -ji;

Jrtu .36 HQ 747 *0.

HmkhM-I' vat 51} *1 : *02-

Umw iiM) ItKiir FanU
L' 55 TOO

DMxrti . 1000

Lbrara , TOO <

V+a ! 1D0P TO <

Dtywl Faad

Vrit«qPll*M .165 .16 1.

IW, prxrs drU-T>| 2(1 206

Scandhtavtoo 8k Fd Mgn Ltd
POBen 190*. bring Caytw.BWl 807 *
SSL M la+ ri ltd

tril [ouh Fn _ . SlJD I 26,

ion Trb» SftwjFa . Slid I J+

Schroder Mngt Services (Jersey) Ltd
PO B«* 17% S« Hrhfr. JrrWY 033*

Warburg tnmtmenf Management Jersey Lid

V* 11 B-1JJ Jl "t •+• '+- Ji* r. Ul IP. *4 Jl 71 A

M-. I.«+V.-Ir 1 || 11 ’ HI **X i-l . I*

'J,. I.r.lira-. l+!l 11 I.9-,’ k'T,-' ■ t

■j— >. dixr+cx- < Ji/.' "v

V+J, t.,xl-,„ J). i .’17

li+,+ ,*• ’.ix l,a 11 vx r. nv.

\bi.. '..„.-^*ur-i .|2 >i+ii ix.-fc .> ■:

Knuuy rxc Laurni Itini lid

Aa+n. r .r+.Fx*, IX Iti ? t UM 1.-7

r.i.l. F.ralFrt li i.sh 7? Ik:

Mracbf (Uarr KuHt Txaxl LU
1 ’Iran 967 |3 19

20 B T *0?2.
1152, *01*'

*01

!>?b

LiSNunaa-. 1

-517

1 'jl.+hX,

,v .*9

,T»

nil

•7 13

*o;a

3LL»»

U* 49

Ter,

95 4H

-M)

Ori K 'ralWt

ll'r.1

Jib

'jar-, F fa, .

0045

Mercury SrircM Trod
GXul'art S

Lurogcxa I ulo S

Jaa, Fieri 5

N.*iri arar-.rui Cj+g ;1

Ub-lra huvNci F rod S

12 -S -0 05
11’* -Ul',

X Henry Schrader Wogg ft Ca Lid

120 Chr»2.*ir. L.riJca EC?

4ra la Tu lar 29 . . M2 15 ‘

aiAuarTiirrois #i)io »bo!

CrarardrFnl* 3119]

taaifarlx. -JAM 4b * All
JxiunFradFrtl9 S2B73 NSB 1

0634 2 74*1
i 275

Murray, Jahnstanc (in*. Adviser)

163 Hour 61. GLiraw C2 D>] 221 9262

raw Si rro la sioai lues

Ww+riTarairroJO 525 M 243#

Paul * To Fro 19 .49? 5251 -

NEL Britannia Int Ass Ltd
Acsm Homr. Altai Sl DoeRlas IpM 0624 24924
Sxrriiag Lxrao-xt ._ ..iTL23 UOtt

Sn+aagMriu-ira . |99 7 Ui! 2 -II 1

Gri .. .100 2 101? +0*

UKHxhag+.t . ■» 7 1U4 0. *0 7

i+iruLuaa-i -1017 lu4a -31-

NEL IntenutiaoaJ Ltd

Cxvnrowtr trie 5i Pnn Pun. Gurmry 048! 24561
StrahagOro .... 881 9]),

SlnungFi «b9 107 IT - -

51+nrq Mai . Jug 3 1266) *

InviuMui F I .,1066 113 91 1 -

IwraurilU ..l)a>0 07 0 1 •

NM ;ncom e ft G wtta Fd

2 Bodctxil Royil, LmetiKnong

NAV Fro 19 _Din_n -I 00 IB!

Nat Westminster Jersey Fd. Mgn. LM
ZV*5flrtM» Sl Hrlier. Jmry 0534 70041

C-KFuram'.-i .. .HI 701 +10|1S7T

Conti Fd •*!■.-> .,130.0 1M01 I 21?

•inn IxcmirdLj-lii.. *2 5 85 pj I a 05

•-CrgDNdln . 990 105jl 1

a 5c*L Bat roray Tbur. “Get On moatalr 3H> am Ton.
Caaotr tart Curacy Fm 111
IV*,* Ur- J S252996 *0 00.01.

smirotcirt- ; El 5 0755 I+0004S

O-Ha-x Or.-. DwtV.S'MJ 1+0 0071;

0U6JI GiaMrx Da.-. . ., or 13 1 1535 +C IfflW
Jav/Vi+CLi,. . . • V 582909*6 U 1 0613

Newport lotantationat Managunent
Brift ol Brmuiu Bldg. BrnmiM 8092954000

NM Irtl $+cwm*._ [ 12160 I ! -

Not. Ml lac. Fa l Sib 45 I i

UM Paula. . ..j 117 08 * '

Nikko IntL Cap. Mngl Cn (Europe) Ltt
in PO Bm J0& Gnemiry. C< 0U12MJ8

Nr>Grarxu»F4.> .#110* 11?H 1

Nomura Growth Fund SA
2 Oonrixid Rvyal. Lmrniuiiig

NAV Fro 17 . . J no. 53* 1

Northgate Unit Tit. Mngr. (Jersey) LM
PO Bo. Hi 51 Hehri. Jmry 053473741

Paula Fra Fnl9 1317.44 lfl.771 +07* -

North Star Grtxqi of Companies

i!b Promv/xxrkxa lauiaaboaol ILaaetriwarg) SA
25 BmL Rrwl. liiuirinatg Tri 46275

inmtrMnL... (0161870 1BB0| I _

Ln-RbXFum..- . .7Biirl54.u 155 3

HigR Prat Furi .0*6-1710 172® l

Bond Fata-- Star 1220 1230 > -

PTC IntemuU PortfoGn Fd Mngt Ltd

POBoi 30927. Hong Juwg 5-7908448

SnttiUui G,omt< Fd 51 36 l.ol +00g

BXMJKM Grama Fd. ..#1J* 1*3 +O0li

tartar IMxra Fd . ..>1)39 12S1 *0031 —

Pacific Basin Fund
10* Badroara Royal LaMtMMig
NAVS _ . I 11651 I *0061
In Ari N A G In Magi. UH Londo*

Pacific Groerth Fund

2. Boulevard RowU. LlmruKiaPS Tft J791

NAV Fro 19 .. .1 31152 » +01M -

Pat int er Bond Fend SA

104 Boulevard Royal, Lax+motraiR

NAV 1 J1L76 • I -

Perpetual UT Mngrs (Jeney) Ltd
TOBo.459 SiHHier.Jmey 0534 74517

MMoraGr -.J32I57 2290 j 100

Othwa+AaiFd - -#1627 1 T)# 010

0lhl>in-Einri,agC<».#1453 1 54*. <100

Ptoeaix Interaattonal

PO Boa 77. 5i Peter ftvt. Guennry 0481 23539

tiSXSr.-jM \fi ■ I Z

TndalRjF F«m Jim 31 _ #1866 1900!

Tim. ft fa Fro II ! SOU

Schrader Unit Trust Mgrs. InL Ltd
Bin 273 Sl P+tn Pori Gurrawv 0

Mngd- CartrwY" . - xbMJ t>5bd
CF.irdinraru* . .. feUI UK) IS I
HngVxuf Fm* JO 941 1) IDll

01 JUT 6000
‘ • 090

»wn -om in

' 2 51

ri ail *00). 5 5i
mss' *o?-ii on

iiu i

Warburg Inv Magrnt (hie ef Man) LM

I Ttamj. Eirrrt DuurLi- 1-JrplUan DU4 74656

Mxr. K.w rm .-O* 75 S +04 6 7

Vr-I laiiura 457 4 Bm 1 ;j

Waidley Fund Managers (Jersey) Ltd

HKB* BUo-GrrovillrSt SrHriirr 053*71460

xn»,M r^, LbRb 102ft + 1 ft IB 29

Wanhey InvesUnent Services LM

4lh Ftr*». HutinrxBi Har. Hoag Kanq
Marsr.y.rt ,17X1 T 95 | 19.'

INxram N.ribA. Fit .S.UI1 16 It. ■ .'27

Uxxnftr. lira Ini : ftl.’S? 1)701 , 54.'

naan Xxxoa I >„u ,347,-? Slim ! 004

Wxrri-, M.+ CJKI I \|)36 145* . 2t£

WestAvon Secs. (Guernsey) Ltd

BxHra+xti Hvr 5i P,+r> Port Guramry 0461 ?796T

r.,n 4 ga, + ra -»»>-, 1 jv ism

uSSurim fttu* IW- -flu?

N-Jllninra. OB7 ovt . 1 4 ft.

IMpnvNicu' Grtviiv iO(ria rsv *0OU 206

J«XX|,rurt 40X57 0U7> <00)6 D 10

tesiatf aEta -

IjCMON nilVOTS .

0*01 28750
| 609
it\I 749

Anunlw Fa .
Biriri Fra
lanwln
Gatarra

MrojKmiFra

R5xrtdL«+ C*." (l 265

•*•. nv?
4 10
-OB, 7 16

i T . n '.w. r — *357 6 143 ,’X ,. 006

taMnrrl Uxuruan. *LB 65 (J us 0 15

Date F,t« nwi . 10*1 1 IS 741

Sirnm rro-d in _ . ,1020 1094j *1)5 h6i

O-ratmarti Cm, ran | 3062 29

twur CiixT+uc. 1 0)0 y i

taring Car+ny ... 1 0*1 1 ; 102

9 ro barney 204 9 1 1 41

Kawrtfxron . *9 B 1069, +0? 608

DMUrHn/rar Furt. '10278 1 028ft 7 9

liNMu Lit* Auannc* UL UK
■a^d CataiLH+Fa . .7742 651 ■»

L f'rrd'rt LH+Fd 029 9 tel?;

t LipovL.IrFxt !202 5 217bl

SF-raira Lur Fa _ in2 0 I’lft ,

SEonty Lxtrld T9? 5 21? T

i ISaaagad LOrFd- W? I5?«

taaglraiLil'Td -ItlUE) l"H)>

ti.».l*4 0,1 1-..S, '.. ii lx-,

Scnxcgeour Kemp-Ger MngmL. Jersey

ICnanngCraii 5< Hrtrai. Je+w 1)5.1*7)741

&>GCriV.'Frt1 AD1J *13 3- *|'.ft

IkblDtalaal 00 t B2 B 1 *2r- 6*1

GdlBwd lurid 19b 7'

Secwitiei Setectinn Ltd

fimranb Hpv *. S) Priri Port. Giv ' » *T MH1 262l8

r ox rura <>?je l«J

Sentry Assurance International LM
PO Bu 17 fb. Harainar 5 BettaMi 35303

rai ruat.pntrs Pugw UK V327 41454

Seoul InterMtiooal Trust
Fond Hut: Harm lavnl Tntsl Cn Lid

r.n VitWv-. 4a CP4A LU1 K.+i Willun Stin-t l o r a mi
EC4 Ol 623 2494

NAV Won 11.401)1 106 Mtur UilliW.'PI

Seven Arrows Fund NV

62 dr Rntrruar. Curxuo. Nrihc+LiiKh AMilb-v
NAV Fwl«.. 1 >1 07? 9? J

Stager ft Friedtamfcr Ldn. Agents

£1 Hew Sl Bntamgalr. EC2M 4NR 01623 3000

T<PyoTttFro4 . . I860 > >170

Skandrfand International Ltd

P0 Bn 44. GurroAg. Cl 0481 271!)

IMfrutatxd Int S73B ’86: ,171

tarrororaaiAu. B7 4I IK i 1 71

■■owSanla . 16 JN 5i?^ 581

aaiaa Bou rd . . ..-3338 56i- ' 511)

Sodete Gene rale Merchant Bank pic

60 GrxeclKirth Sl London EC3V OE 1 01-626*621

rilKMNiarlMi IFF.BB2J 679,1 70 ft I

Standard Bank Find Managers

1 19 Canaan St 01-623 0100 Anthony Wogg

Gala Fun |R1*1?> 151 J -1 I 7b7

Usual Furi hums) nag «iv ta!

EualK4n+Fd. >9764 8 7759 +0lrtl>19

Standard Chartered Off. Money Mkt Fund

PO Bar 122, Sl Hrlier. Jenay 0534-74454

Srotag ( £12*26 I £1.31

USS . . it*. 5306 b<M

(UUrt _ J Dity.J.705 > 151

SranFrant .- . ' SF432856 I 22B

iiOMn+iro . . ~l_Y5b9SlB24_ 504

USSMuiagrtL . . #21 1MI 2* 0527 173

tatbag Vanagvd . X120BS6 12 459*1 > |5D

World Bond Fund

I'niruvr Pp Boi 1**D Oi hn,n Jmr» Ob.U .‘4MV
!AO'l<||H«Ut'riH|UAtf Ul^'s

hr. ftd An'-Ji •. ”••"91

World Fund S-A.

2 Boalx+xia Rupxl. Lu»m1f*ra*i
WiaUruadNftl SI 1 - <6 1 -i- 1.1

World Wide Groaxtu Managnuent*

Jill. BtKlI+k.lflt Rjt.ll ! L'l-HOMIT
uhrao-au bit, I a SI 5 45 .-XI

In Ari U ft >% I*. Klnjl (Id lima*,

Yamaiclu Dynamic Mngt Cu SA

JOB Bcuh+jiO Rpyol luirra/yiuig
Aan+-+jTrt+ ll»x? +u-,|

lyia/tnix ‘.atn f 4 117 W ■ .21')

Zero Bond Fund Limited

PO Bui 2RI Sl Prlrr P. rt fa rai+ry 0*61 2fc.Y«f?
7rotlMliM '31092 115ft +1 if

Money Market
Trust Funds

The Chanties Deposit Fund

>7 London Wall Lundw [UN 1DB 015881015
brpa-Jl 1.73 1 )Uiii

The Money Maikcl Ttust

DimraisuSi LC4N4LJ 01236095.'

t+stirt 12 4? 9 7H 1)0 Lrrill

7 on Fag ‘1 921* H5.ll baa*

Gppenheiraer Money Mnagcmcnt Ltd

66 limn 51 LE4N0AL 01 236 1425

Cxulro II 7 Vi *271 11541 65tl»

?cu,rrai 12*1 92flj l.is.'iiwta

Oarixx +-07 — -lb KM

Money Market
Bank Accounts

Adam ft Co. p'c

21' ChtflMI* 5g E J-ntjua* E M2 4Df

ui E tin.

l»+l I'AN hit Ct

AHken Hume
JOCxit Oort EClt ?Ai
Txva-javAxt 'll 73 11

Ulii 'ra Lag 'll 73 B1

Allied Arab Bank Ltd
97 101 C-Wri* St LtaOrt LC4N5A0
K'BTA I2W 41

Bank ol Scotland
IBlnirjMirrMr Si. EC2P 2Lrt

tab DuLWariu II H? 81

Barclays Prime Account

PO Bui |25. Noil hjmpi I**

High Irt CHrftir 1J225 91J

O1-6JU6O70
B 7flj 12971 Or
B7i U06> tab

10 012839111

9 571 14?8 nab

01-62BB060
B7(i i.iftoi mn

06 M 252 B 91
1125 ' 1)491 Qlr

Britannia Investnumt Services LM.

74- 7fl Fn+Jairy Pro+rax-nl EL2A 130 01-588 27T7

PO Bat 122. Sl Krirar. Jeney 0534-74454

Sbriag ( £12626 111.31

USS - - 1245306 6«*

MUM _ J Di*y>J»703 > 151

SranFraat -- . ' SF432B56 I 22B

iiOMn+iro . . -l_Y5b9SlBT4 50*

USSUragrt. . #73 1)11 2* 0527 173

tatbag Uanagm . XU08S6 12 459*1 > |5D

Strategic Metals Core H= Metal Funds
5 Bttrliagion Grim. Lotrioa W1X ] l E 01-73(6102

StratCMC Mnro £ FD C21 5? 233 IH +121) -

SngRrgK-Nnih S FlL. , ' 1 JB20 . 145SM *0,021

Strategic Metal Trust Mngrs. Ltd

eBMInlSCcn. OwgUilDM ■ 0674 2*866

Sg«I9«*etUIr -J. - O0L64B8 ■ 06680* ' -

Stroogheld Management UmMeri

W Bn 315. Si Hrbv., Jenry 0534-70153

C a a. m iW.Tf»K JB29] a 7271

TSB Trust Funds (Cl)

26 HKIV-Sl Hrlier. Jmey (Cl> 0534 73*94

TSBGKlFaJU LU #010 105 a! ] 11 43

TKJIAXiCilllullu 'into in3M ill*]

r jtrt AUro . . .12 00 B*r

Charterhouse Japrirt pic
] PxtrawJrr tn EC451 70H
itratrag - - -(lJM 89*1

USDrita .<725 ?2S

brrmaa Marty . 1*23 *251

Sar.hano . - -ll» 15«

jNunrvtra 500 50ft

Cibbank Savings

Si Kxrom Hyr. Harnrorrmittl Grow
MuaraKirtriPlB 9341

8*711335441 HU

01-2083999
13 35} UU
7 Sri Ulh
4 Am (Wl
I5H (Ml
5(21 (*n

Sl Mxror* Hw. Hamrax-rMBith Grow 01 7*1 4941

MrinKirtriPlB 9341 139j: Ulk

CoHiperative Bank Cheque ft Save
7#80 CBrriiill LC3 01-626 65*3

l*SA s +“ 9 7.3b ^ iljil R

DartingtM ft Co Ltd

Dxmngroa. TnU>+\ Drow 109 6JL. DB03B62271

Woa+yMUAxc. .. :i2O0 897 13241 fg,

Edward Mansau ft Cn Ltd
9HronetU Plat* Will 9AG 01-6313311

Lnrair D+noul 4a .1250 93* I39P WK

Hendersonxllank of Scotland
38Threutart*+5lEC2P2EH 014x280060

Maw* (Mr DwAu 11215 90» 1)55 Min

Legal ft General (Money Mngn) Ltd

TSB GUI Fan* LU .1010 105 tf 1)4]

TSBGKlFdUtrlLU. . — +101 0 105# .114]

TSeJsyfcbrtyfd . ]|25J 1)2 Ori 328

TSB G'wy Exarty Fn . 0253 192 Dm t 3 7B

TSB Cwirotr Fnad TlWO I1DC i

PtKn on Frbraxxv 19Nnt ub W Frown 26

Taiwan (ROC) Fund

UO Iffctcn <M Co-u Ltfl. Kmg W4Lum Si, LunOM EC4
01-623 2494

NAV S51S IDR xxbr 05513.06+39

Target Imrstmeni Management Limited

Taqprl Hie. Galriaare Ra. AytrunvY. 86) 1029615941
Inna Gib+xV r<S_. .1 >1148 < +023

Thornton Management Ltd.

IbFhnbiiryCirUA. Loxatoo EC2M 703 01-638 4761

Tokyo Pacific Holdtagt NV
lotnnn Uaugrvtml Co NV Civjcan
NAV prr Vuxr 116)87

Tokyo Pacific HMgs. (Seaboard) NV
(atm ■Ixugratrtn Co MV. Curxuo
NAV p rr inn J1J9 55

Tyndall Guardian Managers (Jersey) Lid
2 Neat Si Si Hebei. Jwtrv 0534 373313

Torsi [252 ? /ynal , on)

Aftraao — Criftb 2b5q 1 1 46

Far C juot 2768 29641 . 061

trot* M?2 216ft [ fl»7

PonratiaSri- Uamgrt [1366

155 Eovlon RoxK). NW1 JAG 01 388 3211

Nigb'nt DraAu. '120* 9 Oft Dlaib-mb

Lfoydi Bonk PLC

71 Iftriura Sl. Loaaoa. EC3P .WS 014x261500
Hrarlalla+ow AaihaK 1175 9 Oft I) 41 Qu

Lomhard North Central PLC
17 Birin* Sl. Win JOM 01-4093*3*

14 UayNat+r 12 500 9 144 13 34«

M ft GlKIcmwurt Broun

9! -99 New Lutriga Rn (Jnrlnnlnrtl 02455165!

Ht(i t?on bhTi l) jr owr

Midland Bank pic

PO box 2. SktHiria 0742 20999 Em 8655

M«iintChg*>i 11 ’I 875, 129* a>

11)000 . 1.-04 9Dft 13)0 On

OpprnteinKr Money Mgmnt Ltd

bb CjpaotxSl EC4N6AE 012361*25

Monri Mari «xa .11875 BBS HII'Uxix

PhUUps ft Drew Trust LM
ICONIgargalr letaim EG2« 6KP 01 628 9771

Nigniu CtaAr: I? 23 91U 13 541 On

Provincial Trust

30 Atkin Ho. Ali/iikJura CbrJure 061-92890)1

Hum iixCtqftt 1250 - 13931 Mt>

Royal Bank ol Scotland pic
24 LiNWuid Si Lanootx EC3V 9BA 031 5570201

htteidllAiLlvnl t> Li o Cirr

Save ft ProsnerxIlBbert Fleming

26 (Vrxrtn Rg, PmVurti RM1 3LB 0708 b69bb
HiB* lib) B 7ft 12 9B Daily

TymbU ft Co

29-33 PtiKTAVcuru St. BrrxxK 0272 7J2T41

DnnairiAn - J2J6 9?^ n«d OP

Hora+Au '1)04 90ft Li tv »r

J. Henry Schroder Wagg & Ce Ltd

Cnu+Txnt* Hranr PMi-nuxra 0)05 827733

5m matt Jl ?> B TBS 1306a Nib

OwrUllOOO '1200 S*il I3)*l wn

Wrstero Trust ft Savings Limited

Ttw Hanewraw. Ptyrocutb PL ISE 0752 24)41
HigaiatCKgAtL -12 6) 9(41 L)97i ft-

NOTTS — Grw* rarp io 1+6*- Pxrrnpt ham caxanautp
dir a£ Ui Nri xauxi '*”■ liter apdaemn of CRT
G> t gura TAR G m* naxo-xlm) lo Lm ralp Uxjuxm -
(oxnpsoriM xtiBaal ratp Iri Cr lixgarat lram+u
crriStiri

NOTES

Pt'Cft. air at or«r xavroi Hlv+wnp nauumt xxri dare
Drxgxjini > xxniti no prrlxi >rtrr NUS dal Ian, YwWv
■a ixtraxan at Lr t rnnrtri alien lor all baying tia+nwx
a Otlncd iuxLr. lachiUP all Piaran b Ipunpncr,

( Yield bxr+d or oHpt prrtr 8 Euimjt+4 g TotUr-.
Doming dtkp h Dm-iDulaxp lire or UN uira.
p Ppixoftc axprn u +i ipturancr slNr-. I S-nglP orrmvjiti
imurxrxcx a Qltnrt [a*+ atovln all x-m+ov^ ravin
MUM ,iDmnu,-u»i y Otlpn-n j»itr iDdaOtv aB emvoset.
it naugtn itaourii "L+vpv-t- r P,rmm Ary x uxu
* Gvrrn-ey grer' ■ taamaira 4 YirH briorr Jt-rey
ui i E> wMniniw :< Oal< xuilarix- u OuiiUbbr
boriir-. • Yx«a icHiriw Jaw jrawatx-rd rail* ol NAV
imipjx- id ex BunilpiDl

014x261500
l»» Qu

Porncbota-FuEjsi- .'.11*0 IS n

AtrWNiSH— Earrapai- ,14 7 ,W} -

IW iw Fm .. .IIB8 0 2053 *42( *22

iNa+l Adi U6I.. ..l*VO 536ft + 1 1 J 522

GriFd - . . (1154 liTftri —14, JOIN

•AOian tmr+%1 l354b 36 ! O +5 4- I0u9

Kaanaglia Rd . taught. loM r+. x.-xm

HiGxrtBxaWag fll2R lliri +20 HbO

lAuan. 5lwru l|)0? 1 12 2t >191 lift]

Tyndall International Assurance Ltd
AJtxff Hntrxr. 5t PH*r Port. Guwsty 048 1 t ’706b
laumnuiulEgiaiy. -x+Bb-) Mill

Do S ... 6920 7 2SV

Paoht Eorty . 139) I4h7i

DoS il 9B0 20051

Paoht Eorty . 139 3

DoS 1)900

tartbaarr EartiY — 1(107 T
Do-S . — — 1530

11* Emily -Il415

Do S HBbD

Eunggja Ewny pflbll

DoS . k 930

lan+nid FiraiaL ._K9«?
DoS . .. k«no

Sx+ragF.ufl'ri. 3035

DoS - - toll

Dour Drama . .. .11327
Da S - -.U8BD
StratagDpRSut 1777

Do S . C 525

Camtay. ..Wl

DoS . . . -.'5610

tta S

haranadUMgro
Of S

TyndaB-Gnardten Mngt Ltd

PO Bo> 125ft Haim ww. Bmiaali
TGAxw+kra . I 12174

T-GMoarr . . K624

T-GEaranra .... S20 7S

T-GCanraodrit- . . . 5»B1

T-G Manvuyr - . ..J 01007

T40wnam. SIM* > i

TdPatitv t *?a.e |

16*» lorn ; V? 79

I-GGori _ I S’ 87 I *

M. G. TyrreB ft Ce. LM.

PO Bar 415. Laxrion W13 9NY
Orfac ■ . . #1300 13301

US Federal Securities Fund SA
2 Douk-wto Royal, LbimOmurR Ffl. *7911
NAV Frt IB - j >1089 +00l

US Pacific Stack Fund

15 Awtwr Ernie Rpuir* La*m60ixro

NAV Fro 19 .. .1 SL?xa/ 1 +00?

Uii. Treasury Securities Fund Ltd

PO Boi 48. Sl Prlrr Port. Gurar-x-y 0*813021

Sasrt Trrax tarn . . . 530 61 1 *Ci(W

riHlwntSaxrn _ 569 ’j . .In,'

Untcs invest Fd Mgt Co SA Lin
London ft Continental BflJikeri Ltd
2 Throotnortoti A»e. London 01 L?6U)i

Uawianri Faod - 0U71O) 7501)1 xOUl

Uoion-luvestitent-Gesellschaft C«oh

Pxnlbdx 16767, 0 6000 FtanUgit 16
llailgiiex.. .. 10*1308* 3? Jft *0 «x

Uixfft. — OUB* 15 SBnO. +145

Unrarnu. 1U3)9 73 a 1 uft • ) J-i

Uett Trust Sendees (Jeney) Ltd

PO Boa 194 SlHrurr.Jfnry 05) 4 It 1 36

Targri UCF 116 5 12? DO 2 «

PO Bm 4*5, SI Mabai. Jinpy 053*75141

■■sryGreriBfra _ 19 W 15.24

United Fund Managers Ltd

GPO Box 590. Hong Kopg 5 23J4 1 ’

GaidiT .. ix?3 t,-*' OH'.-

Wiling Fund — SICAV

20. Bbutnara iranunuPl 5rr».lr. Lv«."4iui>*r

NAV Fx+nxxxy IS i i IOOD5

TRADITIONAL OPTIONS
^month call rates

indmtrtai* p ujrtx* Swncrr [13 I

Allied- Lvotr. . 28
EAT . 26

BOClirp . 27
BSR .. . . B

BTR 33

BflhliKJi. 13

B-xtcixr . 33

Bx-rUura 311

Blue Cirilf SO

Boat.. 24

Ban flirt, 30

Bril AerMjmr .32

BxtL Txrlrcam .. . 37

Brown 'J * • 3

Burton Ord '45

CdOBuryv 13

Clur'PtCon-. .. IB
Corral) Union '23

Court Julo-. . 13
DxVliBpr* - - . 3ft
FNFC 12

Ci 1 " A£Eldt>ni 55

Gen Eb-eiia 14

CiLixn in

GiiinOMrl 30

GL‘5 A' 70

Gxifl/dufft 60

G*N 20

Hj^on T'.l 18

HflwkeT Suu 36

ICi 42

Imir. 16

Jjqrijr 27

L»*rol+ 27

Lrajjl ft Gen 60

Lrt Setrice 24

Liottl', Bflft. 35

Liiuvlnd) 38

+■ ■MeulChyMiiK . .14

Jl Mxdtmd fit, 35

5! N(l. . . .10

B Nfll W«1 B) 55

a? PftOWfl 35

?3 Piracy . 14

33 Polly Pot 1 . 23
u Ratal EI«I . . .15

RHM 12

RiinL (Jig Od

; 31, TrMO 24

. 4 c k Thorn EMI . . 34

+3 TrvA Houiry - 12

jU linnet Nra-jll 9«

.m Unilever. ..90

,j Vitlet* 35

36 Property
12 Brit Lind. . . 14

M L.wd Set - 2b

14 UEPC ... 26
ID) PpittHry. . . .24

jg Sflitxpel Pt«pv . 15
70 Ddt

60 Britt Oil ft Mm 31

20 Em Pnrotvtim 45
18 BnrmflhPil 27
36 Cftnirtnaii. . . 4

42 Pii-nwrr 5

Jb Snell 55

27 triccrarot . 18

27 Uiix-vnar 18

tjvAie 7, 1 18 Bnreiflh Oil 27

Hawker Sum 36 Civairticiii. . , • 4

ICI 42 Pimwrr 5

Imir. lb 5nrll 55

iflqrur 27 triccrarot . 18

J60xr«l+ 27 Ulii-ltnar 18

vegjl i- G+" 60 Mran

-Oi Sergiit- 24 Con- Gold 00 (

.10+0', Bank 35 Lutirhu 12 I

.Iiu, Indi 38 RiDltrw ,.50 I

A seJeclMfi of Options traded is girts exi the
LandM Stock Eicunge Report Pagr.

rf-V ' ;■

‘.L 'J-

Financial Times Thursday February 20 1986

COMMODITIES AND AGRICULTURE

Australian i Doubts over tin rescue

cuts crop
estimate

By Patricia Newby In Melbourne

WITH THE harvest virtually
complete, the Australian Wheat
Board has cut its 1985-88 crop
estimates by about 500,000
tonnes to 16.2m tonnes. Rain
damaged and destroyed some
wheat towards the end of the
harvest.

About 14.9m tonnes was
delivered to the Wheat Board,
the rest remaining on farms for
stock feed.

The Wheat Board has already
sold more than 10m tonnes of
wheat since December last year
including sales of 2.5m tonnes
to the Soviet Union, 2.3m tonnes
to China and 2ra tonnes to
Egypt. Delivery will be over
the next 6-10 months.

With the 4.7m tonnes carry-
over from 1984-85, the Board
still has around 9m tonnes to
dispose of.

The Wheat Board is looking
for a new general manager
following the sudden resigna-
tion this week of Mr Donald
Sandow.

No explanation was given for
Mr Sandow’s resignation after
less than two years in tbe job
except that it was by '‘mutual
agreement” between Mr Sandow
and the Board. No impropriety
was indicated and it appears
there is discord inside the
Wheat Board at a time when it
is facing severe difficulties
marketing Australian wheat in
depressed world markets and in
face of stiff competition from
US and EEC subsidised wheat.

• China's winter wheat output
target has been set at a mini-
mum of 85m tonnes, agriculture
minister Mr He Kang said,
reports Renter from Peklng.

The Economic Daily news-
paper quoted him as saying
planting in most of the area
north of the Yellow River had
gone well, but heavy autumn
rain in south China had delayed
planting in a large area.

He added that slack manage-
ment of the crop had produced
signs of drought stress In the
north and that fanners in the
south must concentrate on com-
batting crop infection and exces-
sive moisture.

China, which badly needs
foreign exchange, will export
the same amount of maize this
year as in 1985 despite serious
crop damage last year, traders
and Western diplomats in
Peking said.

Latest customs figures show
maize exports of 4.56m tonnes
in the first nine months of 1985.
Figures for 1984 arid earlier do
not list maize separately.

Foreign experts said exports
in 1985-86 (ending September)
are likely to be slightly below
the 5 -2m tonnes shipped In
1984-85. In 1983-84. exports
totalled 400,000 tonnes.

Large stocks have enabled
China to withstand a drop in
maize production last year to
64m tonnes from 73.4m in 1984
without cutting exports, a
Western diplomat said.

One Japanese trader put
1SS5 and 1986 exports at about
5m tonnes in each year. He
said China will maintain its
market share in Japan, to help
offset a huge trade deficit, and
in the Soviet Union, to help
improve trade relations.

WEEKLY METALS

All prices as supplied by
Metal Bulletin.

ANTIMONY: European free
market. 99.6 per cent, S per
tonne, in warehouse, 2,650-2.720.

B1SMUTII: European free
market, min. 99.99 per cent, S
per lb. tonne lots in warehouse.
3.15-3.40.

CADMIUM: European free
marker, min. 99.95 per cent, S
per lb, in warehouse, ingots,
0.73-0.77, sticks. 0.76-0.80.

COBALT: European free
market. 99.5 per rent S per lb,
in warehouse, 9.80-10.20.

MERCURY: European free
market, min. 99.99 per cent. S
per flask, in warehouse, 220-235.

MOLYBDENUM: European

free market, drummed malybdic
oxide, 8 per lb Mo, in ware-
house, 2.85-2.95.

SELENIUM: European free
market, min. 99.5 per cent, $ per
lb, in warehouse. 6.5041.85.

TUNGSTEN ORE: European
free market, standard min. 65
per cent. S per tonne unit WO,
cif, 55-63.

VANADIUM: European free
market, min. 98 per cent V O.
other sources. S per lb V O. cif.
2.43-2.48.

URANIUM: Nuexco exchange
value, S per lb U O. 17.00.

BY ANDREW GOWERS

SERIOUS DOUBTS resurfaced
yesterday over plans to rescue
the tin market as the price of
the metal dropped sharply on
the free market, apparently in
response to selling by banks.

Jn Europe, the spot price
plunged to between £5.700 and
£6,000 a tonne after trading on
Tuesday between £6,300 and
£7,000. Prices on the Kuala
Lumpur Tin Market also
showed the largest decline of
any single day since it re-
opened on February 3.

Bankers and traders said the
main cause for the drop was
selling of tin warrants by
B&nque Indoseuz of France,
one of the 16 creditor banks of
the International Tin Council
which have been involved in
negotiations to set up a new
company to take over and sell
off the Council's tin stocks.
Some reports suggested that it
may have sold as much as 1.500
tonnes this week, while there
were also suggestions that the
Bank of Tokyo may likewise
have been selling.

Banque Indoseuz itself
declined to comment directly
on these reports, but said it
was still a member of the
group of banks working on a
settlement.

The drop in prices comes as
negotiations on the establish-
ment of “ Newco " — the com-

pany which is supposed to sell
■off the stocks — nave reached
tfaelr most critical phase.
Another bar gaining session was
held in London yesterday, and
there will be a further, possibly
make-or-break, meeting tomor-
row.

In particular, the fall
threatens to upset the calcula-
tions on which Newco is based.
Mr Ralph Kestenbaum of
brokers Gerald Metals, one of
tbe authors of the plan, said
last week that prices could
start at £7.500 a tonne if and
when trading officially resumes
on the London Metal Exchange.

More seriously, some obser-
vers were yesterday interpret-
ing the tin sales — which appear
to have been motivated by a
desire to realise casb at tbe
higher price levels which have
prevailed over the past week
— as a sign of a break in the
united front which the creditor
banks are supposed to be main-
taining during negotiations
with the ITC.

“ Some people think it's the
start of the breakup of Newco,”
said one delegate. “It was a
precondition that nobody should
break ranks by selling warrants.
Certainly, Newco's chances have
diminished over the past three
days.”

Delegates from the ITC's 22-

member governments are still
divided on key details of the
rescue plan. In particular, they
have yet to agree on a legal

formula to give government:
and Newco immunity fro a;
prosecution and on a policy for
disposing of the council's 85,000

tonnes of stocks.

The producers want to set up
a mechanism whereby sales
could be suspended temporarily
if they were exerting excessive
downward pressure on, prices,
but this idea is being firmly
resisted by the consumers, who
want to stick to a strict time-
table for selling off the stocks
over three years.

Meanwhile, the British
Government disclosed yesterday
that iit had warned the London
Metal Exchange, which is z
principal victim of the tin
crisis, last June of potential
trouble in the tin market. Mr
Alan Clark, the Trade Minister,
told the Commons Trade and
Industry committee that officials
ha dtold the LME that the
Exchange could not expect a
unilateral ball-out from the
Government in such an event
and advised it to issue a warn-
ing to its member companies
not to lend to the ITC. The
t.mt: had, however, refused,
saying that such a wanting
would not be heeded.

Tax probe hits Belgian diamond sales

BY PAUL CHEESERJGHT IN BRUSSELS

TAX FRAUD investigations
into the affairs of an Ap twerp
stockbroker are likely to have
cut Belgian export revenue
from diamonds by about 25 per
cent this month.

This estimate was given yes-
terday by Mr Marc van den
Abeleen, general manager of
the Diamond High Council, the
diamond industry federation
based in Antwerp.

Customers visiting Antwerp
do not want a confrontation
with the police, Mr van den
Abeleen said. Hence, their
number had dropped. If cus-
tomers do not come, he warned,
some companies will have to
close.

But widespread speculation
that there would be a mass
exodus of diamond merchants
from Antwerp, the world's
major trading centre, has not
evidently proved to be well-
founded. According to Mr
van den Abeleen, nobody bas
left so far.

He was optimistic, moreover,
that customers would return to
tbe market for their own
economic reasons related to the
structure arid prices of the
Antwerp market. Certainly tha
Diamond High Council did not
see any reason for special
measures to restore confidence.

Confidence on the market
dipped last month when it was
disclosed that the Belgian tax
authorities were Investigating
the books of 'Kirschen Roger, a
stockbroker with offices in the
heart of the diamond quarter
and a substantial number of
Antwerp diamond community
members on Its books.

The tax authorities were
Investigating the possibility that
Kirschen Roger bad been
trading gold without charging
the statutory 1 per cent value
added tax and had been paying
out dividends on stocks with-
out deducting 25 per cent
withholding tax.

Platinum at 20-month high

BY OUR COMMODITIES EDITOR

PLATINUM PRICES jumped
yesterday to their highest level
since June 1984 in response to
continuing concern about tbe
political situation in South
Africa, the main producer of
the metal, and about possibly
substantial production losses at
Impala Platinum.

The price in London rose by
312.90 an ounce to close at
1888.80.

Traders said the market was
dominated by speculative in-
terest, which has been fuelled
by the weakness of the US
dollar and the return of politi-
cal trouble in South Africa to
the headlines.

But the overriding factor
appears to be worries about
production at Impala. tbe
world's and South Africa's
second largest producer. The
company is an associate of
South Africa's Gencor group
and one of the three companies
which dominate the industry.

It was hit by a major strike last
month and subsequently dis-
missed 23,000 of its employees.

Impala said this week that it
had completed remanning, but
that initial weaknesses in skills
and experience among the new

Coffee export quotas suspended

BY RICHARD MOONEY

THE LONG-AWAITED free-for-
all in the international coffee
market finally arrived yesterday
when the International Coffee
Organisation (ICO) officially
announced the suspension of
quota restrictions on exports.

The count-down to suspension
began an December 12 when
concern about the effects of
last year's 4-momh Brazilian
drought first pushed the ICO
15-day moving average price
above 150.08 cents a lb. Under
the terms of the International
Coffee Agreement quotas must
be suspended if the average
remains above this level for 45
consecutive trading days—
unless the ICO's ruling council
decides otherwise. On Tuesday
theavorage stood at 185.57 cents
alb.

Announcing the move yester-
day Mr Alexandre Bedtrao, the

ICO executive director, said:
“Unless the council decides
otherwise, quotas will be rein-
troduced if the 15-day moving
average of the composite indica-
tor price is at or below 184.55
cents a lb.”

Although suspension of
export quotas has been consid-
ered inevitable for some time
uncertainty about its impact an
bullish market sentiment. But
yesterday's announcement had
do discernible price influence,
with the May position gaining
another £51.50 to £2£45 a tonne,
taking this week's advance to
£227.50 a tonne. The May price
remains some £930 below its
early January peak, however.

The 1985 drought will result
in Brazil's 1986 exports falling
about 15 per cent short of the
planned 17m bags (60 kilos

UK milk policy attacked in European Court

BY ANDREW GOWERS AND RAYMOND HUGHES

THE UK's milk pricing policy

was attacked In the European
Coon of Justice in Luxem-
bourg yesterday as a breach
Of Common Market regula-
tions.

The European Commission,
backed by France, alleged
that the UK's former dual
pricing system for milk de-
sined for manufacture into
butler distorted competition
In the Community, led to dis-
crimination between milk pro-
ducers and was an ahstacle to
the normal functioning of the
EEC market system.

The UK contested the alle-
gation and argued (bat, in any
event, the practices com-
plained of— Involving differ-

ent prices for milk mamifac-
tnred into packet batter and
bulk or Intervention butter-
had been ended within
months of the Commission,
starting the case two years
ago.

Whilst accepting this, the
Commission expressed serious
doubts as to whether the UK
had since re-established the
system in a different form

The ease is being closely
watched by the Milk Market-
ing Board, the fanner co-
operative which has a fono-
poty over milk supplies In
England and Wales, and by
Britain's independent dairy
companies. Its outcome could
also have a crucial impeet on

a parallel claim for £12m

damages brought by the Irish
Dairy Board against the MMB
In the British courts.

Both the MMB and the
dairy companies have indi-
cated that they are keen to
resume dual pricing at the
earliest opportunity.

When the system operated,
the price of milk for packet
batter was generally lower
than that for bulk hotter. The
dairy companies argue that
this enabled them to main-
tain margins on retail-butter
sales rather than being forced
to sell the product into
bulging Intervention stores.

In any ease, they argue,
dairy co-operatives elsewhere

in the Community operate
similar systems in their
internal accounts.

Bat the Commission main-
tains that the UK’s system
enabled It to maintain Its
domestic butter prices con-
sistently lower than these of
imported butter. In some
cases, this may have forced
exporters of butter to Britain
to nil at a loss.

The European Court will
receive an opinion on the ease
from one of its Advocates
General before passing judg-
ment later this year. The
Commission has also asked it
for a similar ruling in respect
of skimmed mOk powder.

LONDON

MARKETS

The investigation continues
and it is not clear when it will
be finished. Mr van den
Abeleen noted, however, that
most tax investigations, whether
in Belgium or elsewhere, end
in a compromise settlement
between the authorities and the
person investigated. .

The annual report of the
Diamond High Council, pub-
lished yesterday shows that
turnover on the Belgian
'diamond market increased last
year, as it has done every year
since 1981, to reach BFr sil.Sbn,
(£6.5bn), a rise of 3.8 per cent
But while mere han ting has in-
creased in value, the scale of
the Belgian polishing industry
has decreased.

In 1985 prices improved in
the second half, especially in
November and December, but
the relative buoyancy of the
market was then checked last
month by the Kirschen Roger
investigation.

THE COCOA market, which
bad managed a modest rally
at the start of this week fol-
lowing the recent sustained
decline, resumed its down-
ward trend yesterday as the
reappearance of West Afri-
can producer selling pushed
nearby positions on the Lon-
don futures market to fresh
18-month lows. The May
delivery quotation ended the
day 23 lower at £1J23L50 a
tonne. Lack of confidence In
the prospect of the current
Geneva talks resulting in an
effective International Cocoa
Agreement continue to weigh
on the market, especially as
failure could mean the dis-
mantling of the existing
100,000 tonnes buffer stock.
This has made the market
particularly susceptible to
selling pressure such as that
triggered by the West
African sales. Sterling’s
strength against the dollar
was a further depressing in-
fluence on the market. The
pound's strength was also
largely responsible for a
general decline in base metals
LME prices supplied by
Amalgamated Metal Trading.

ALUMINIUM

1 Unofficial 4- or ■

! ciOM<p.m.l — , High/low

1 £ par tonne

Cash 1 763-4 | —10.0 7704/770.6
3 months I 790-1 • —10.75 800r789

Official closing [am): Cas h 7 70.5
(769- -6). three months 7375-1 (737-5).
aanlarnent 770.3 (7B9.5J. Final Kerb
cloaa: 737. B. Turnover 17.900 tonnes.
COPPER — HIGHER GRADE — —

COPPER

Hlghergr^.j^'. tT! Hlgh/low

INDICES
FINANCIAL TIMES

FebilS Fab. lOMth ago] Y oarage

REUTERS

Fab: lRFatUl7fi

"■aolYearaga

1833.4 ) 1836.9 IBfitU* ; 8022.8
Bosk Sootsaiber 18 1031- MO)

DOW JONES

Dow” FobTT FebZ i Month I Year
Jones IB ; 14 | ego J ego

Spot 126.59 136.59 ~ 120.78

Fut. 130.41 128.94 — . 183.45

(Base: December 31 1931 •« 100)

• Not available doe to suspsnaioa
of tin LAKE

MAIN PRICE CHANGES

In tonnes unless otherwise stated.

Feb. 19+ or Month

1988 — ago

Aluminium

Free Market —

Copper

Caah h Grade.-..

3 rntha-

Gold Troy oz —

Lead Caah

3 ruths-

Nickel

Free Mkt_

Palladium oz
Platinum ox— —

Qulokailvert-

Silver troy oz— -

3 months

Tin caah -

3 months

Tungsten

Wolfram 33.01b.

Zinc

3 months

producers .

31390/228;+ lfi '61158)171

2868.5 — 16 LCIOOO
E995J5 |-17 £1029 A
3342.25 j4-B.76j3580.fi
leB54vB >-2 bsfi.B
[£264.76 1-2 (£887.6

181/20101

oio*.*q

3388.4a
8280/8301
415 . GBp
leaa.Bsp

i

saelss

386/83

£410.8.

£419.5

mum

+ 1 ITBiIBBfl
+ 2-BOlO 106.00
+11. Mi 33-71.25

'J *226/246

+ 3.B6{436.70p
+3.45(460. 70p

:~R

+ 0.7 263.71
363161

13880/780

US MARKETS

GOLD AND SILVER Initially
followed platinum higher but
selling developed when plati-
num was unable to breach the
6406 resistance level, reports
Heinold Commodities. Plati-
num firmed on concern over
strife in South Africa and on
improved industrial and
speculative demand. Copper
failed to react to a bullish

h nnsiny star ts figure of a 16

per cent Increase and in the
two nearby months trade sell-
ing was a factor. Coffee
advanced the daily limit on
concern over Brazilian exports
due to the drought. Liquida-
tion pressure In the expiring
March contract and origin
selling in deferred months
cansei cocoa to breech sup-
port levels. Sugar traded in a
narrow range as rallies met
with producer selling- Cotton
attracted profit-taking after a
bullish reaction to the USDAs
cotton programme. Oil initially
followed through on Tuesday's
sharp declines bat attracted
short-covering In anticipation
of a bullish trade stocks
report. Soyabeans firmed
early on strength in foreign
currencies leading to ideas of
good export activity bat fell
slightly as currencies
weakened. Maize was a little
lower, lacking fresh demand.

Caah
3 month!

988-9 i— 16.0,978.5/078
855 - J 1 - 17 .B 1 DOB 1996

Official Closing (am): Cash 978.5-9
(386. 5-6), three months 1.006- .5 (1,013-
.5). settlement 979 (966). F<nsl Kerb
close: 998-.S.

, 965-6 1—19.6 986)956
3 months • 984-6 .—18.0 986/986

Official dosing (am): Cash 96S-7
(975-6). three months 995-7 (1.005-7).
settlement 907 (978). Turnover: 25.950
tonnes. US Producer prices: 67.00-
71.00 cents a pound.

846 1+61.8

I PAD

COCOA

Following a steady opening £16 up.
values plunged sharply In As late
morning end eased further to close
£40 off the highs. Producers end con-
sumers both participated In .the
physical market and good volume of
business was noted, reports Gill and
Duffus.

■ Unofficial + or:

cloaerp.m.) — i High/low COCOA
1 £ per tonne

workforce meant that orodne-
tion would not be fully back to
normal until mid-March at the
earliest

According to one independent
estimate, the company stands
to lose, up to 800,000 ounces of
output in 1988, or nearly one-
third of normal production,
though Impala itself has dis-
missed this figure as too high.

South Africa controls an esti-
mated 84 per cent of world
platinum production, so its
troubles have generally had a
stronger impact on the
platinum price than on gold.

Gold closed in London yes-
terday at $342.25 an ounce $5.75
up on the day. It has been
buoyed, too, by the weak dol-
lar and by the drop in oil prices,
which is seen by same traders
as a bullish factor given that it
could precipitate a worsening
of the financial difficulties of
some debt-laden developing
countries.

Casb 410-11 < —8.0 418)411

3 months 419-30 t -8,78*84/433

Official dosing (am): Cash A 15-8
(418-9), throe months 425-0 (429-30),
settlement 416 (419). Final Kerb doss:
418-9.' Turnover: 10.900 tonnes. US
Prime Western: 30.50-35.7S cents per

GOLD

Gold rose S5\ to 5342-342^ on the
London bullion market yesterday. It
opened it the day's low of S338V339.
and was flssd at 3343.70 In the morn-
ing and S341.40 In the afternoon. The
maul touched ■ high of 53444-345^,
following the lead ol platinum. The
rise in prices was lusted by unrest In
South Africa

GOLD BULLION (fine ounce) Feb. 19

Close-- -. . 334 9-349 1« WS234 234 m

Opening- 3388 4)-339 (£23*1*23*0*)

NPni’g f tat. 3343.70 (£937.696.

Afrn-n fix 3341.40 (£835488)

GOLD AND PLATINUM COINS

each), Mr Paulo Graciano. the
newly-appointed president of
the Brazilian Coffee Institute
(IBC). said yesterday, reports
Reuter from Rio de Janeiro.
This works out at 14.45m bags
against the 19.1m exported last
yesr.

Mr Graciano said the IBC
will shortly be meeting roasters
to negotiate a reduction in die
13m bags of exports already
contracted for this year. But
.be said Brazil would honour
export commitments for the
current quarter. The new levels
to be negotiated would take
account of the effect of the
drought on the coming harvest,
internal consumption, stock
requirements and also the
possibility of damaging f r ost s
in the winter months (May/
August), he added.

Kr'g'r'nd. 134314-344
is Krug. 3182-182 is
U Krug. 8B5-93!*

1/10 Krug. M8-38S(
MapMsaf 1361-36 llg
Angel 1344-345
ins Angel 334 i c -3D >4
New BOV- 382 83
isHewSov *49 49ij
Old Sov. 38713 89
S20 Eagle 3450-490
NoblePlet S3W>U<t03s*

(£23444 2351*1
(£194li-1243«)
(£8314-64)

(£26 26131
[£240 240 > 4 1
!£2SSl4 235m
(£B3l»-27)

(£86 M la)
(£33)2-333*1
UE6B&* -60S*).
(£307li 336)
(£2761* -27flli)

SILVER

Silver was fixed 385p an ounce
higher for spot delivery on the London
bullion market yesterday si 413.96p. US
esnt equivalent* ol the fixing levels
weis: spat 588.65c. up 11.45c: thrss-
rnonth 609.56c. up 11.40c: six-moMh
821.20c. up 11.68c: end 12 -month
844.40e. up 11.35c. The metal opened
si 406-409P (588- 590c) snd closed at
406-410p (B97-599C).

SILVER Bullion if- or LNLE. 1+or

per Fixing I — p-m. —

troy price j Unoffic'l

Spot ...... 413.95p +3.B&I 4DBp —4

3 months. 425.80p +3.43) 42 Ip -446
6 months. 4 S 7 . 8 &C Uiffii - -

13m0fltnsi461.06p 1+240) ~ ~

LME — Turnover: 42 (64) tola of
10.000 oz. -

Cash high/low 411p: three months
high 424p, low 423 p, final kerb
4)7,5-9p.

MEAT

Beef was little changed in auiat
conditions but pigmeat prices eased
on light trade selling, reports Eastern
Capltel-CCST.

PIGMEAT BEEF —

I Vday I + or TOa v ; + or
Month < 1 - alow l -

p. per kilo (deadweight)

Mur., .1109.501 — . — 1 —

April. 1 103.5a —0.20; 190.00-1.00

May- ; 102.30 -f).70] 183.80 —

June_ 108.00 +0.Jft 186.00* —

July- ID 1.30 -4U0] 186.50; -

Aufl • 10Q.5QI +0.19 185.00 —

Pigmeat sales: 6 (30) lots of 50
carcases. 3.250 kg.

Beef sales: 9 (36) lot* of 20 sides. .

MEAT COMMISSION — Average fat-
ewek prices at representative markets.
GB— Cadis 96.17p per kg Iw (-0.11).
GB— Sheep 187. B7p per kg set dew
( + 7.59). GS— Pigs 75.71 0 per kg Iw
( + 1.5B). GB— AAPP 95-48p per kg dw.

Z | Z FREIGHT FUTURES

11 Dry cargo quotations ware under

4) late of pressure against s background of
weaker advice* from the physical
bo months market. Tanker rates eased In the first
final kerb lour positions against a dull physical
background. Support emerged late in
the session to lift values slightly, re-
port* Clarkson Wolff.

I Close 1 HtghfLow ; prow.

in quiet — ■

ices eased Dry Cargo

rts Eastern April 864:883 i S65/85& 865/867

July 733/734 J 746I7S2T 748)749

OOt 858)807 i 860/884 863/864

IF Jan. 860/868 ] - I 66O186S

lay ■ + W April 950/970 j — I 946/875

M I - Julv 790/860 1 — \ 800-850

^ OCL 925/940 1 — i 995/940

, Jan. 900/960 } — I 900)960

.oo^IToo bh 76lI_-__L7aa

0§! Z Turnover. 223 (174).

■Mi - 1 does IHigrwLowl Prev.

Mar. 735/760 i — 727 : 782/73 8

April 738)7641 730/728 733/740
May 738)740 } 733 730/745

June 740/770) 748 : 720/760

Sept. 878)900 1 — ; 875/960

- — 1 I 900 / nan

797A

Dee. 900^967 -

■in 796 I -

Tumever. 8B (94) .

Coconut (Pfiil) ' jWi®w pFSiVWo -
Palm Malayan 18307-ax i— !» 5 gfi

Gapra. Pttll " ,..Z....\9230 '

Soyabean CU.Sjl322 Q.7 y 1 '1226

Barley Put. May .^1 1640;— 0.3 £116*6

Maize SlJtLUy W141.Q0

Wheat FuCMay.&llB.SOPae UC1 17.20

Me. 2 Hard Wlnt.1 t 1 1 1

OTHERS

NEW YORK

ALUMINIUM 49.000 P»,
Close MOO
Feb 94.30 —

March 54.90 54.75

April 54X5 —

May 85.25 6640

July 65.95 65.75

S*pt 5645 . —

Doc 57.90 ' —

Jan 67.90 —

March 38.90 —

May 90/10 —

SUGAR WORLD ** 11 ”

oenta/lb

Close Web
March 5.68 5.79

May 5JM 6.09

July 6.11 8.27

Sept B.24 640

Oct 643 6.52

Jan 6-62 —

Marsh 7.00 7.07

May 7M —

July 740 —

COTTO N 60.000 ■*- ‘

fip II 2! Si as

sr si " ss

Mfy r — 48.00

July 48^ . _ — •

CHANGE juice 15.000 m. aapw/jb —

555 High W *”■

until 84.15 80.50 **£

Kr ss S» £38

8445 mIbO 84.00 87.40

ET “5- £S SS. 90J50

S™ S5S S3 J!2

Kay ».K ■ ggio

-hrfv 89-66 — -

PLATINUM 60 troy o*.

552 Two* £r„ S5V

rah 390.4 307.0 382-0 37f.ft

um aIs w ,5 390,0 380-0 380.0

W Sm §93

July 392.0 4 024) 388-0 383,7

Cfct 393.9 4020 »0 385-8

Jen 3964 399.0 381.0 JgJ

April 30»4 322J 392* 3»j

SILVER MOO troy 01 . cfiWtroy M

Cta5 ffiffh iw Prm.

5£cb MLB 902.5 58/1 BMM

££? .m mTo

Jtiy mt 518-0 « as 606.3

SS3 628.0 610.0 8U4

DM 8274 638.6 6*4,0 42S-4

Ja, 631.7 — 629-7

March 640.0 6M.0 63S.0

M ay 648.6 650.0 OM-O

COCOA IQ tonnes; 6/tonwea. — .

Ctn+e H«oh tew P»w-

Match 2002 2080 2072 2101

SET «5§ 2M4 21« M

July 2170 JEWO;

Sept 2203 2212 ;.

2233 2244 ttOO 2242

^ Z ' Z an

May 2261 — . — “* u

* Y

^ IP

1

f\l\ f *

aww/b
Law Prev

— 53.56

53.75 63.60

— 54.06

5456 S4JZS
96.16 54 JO

— 65.55

— 5645

— 94.75

— 67.35

— 9786

112.0001b,

Low Prev
6.67 E.67

5J3S -5-82
6.11 6.18
647 6J9

6.40 647

— 6J5G

6-95 7.04

— 744

— 7.33

CHICAGO

u« »- CATTLE- 40,00 ' lb, onnts/lb . ~
— done High Low FTsv
Feb . 66-60 67-16 BiJM 66-62 .

April 98.77 -58-27 8740 S7.77

June 66.12 .56-62 BB-10 HL42

August 6740 88.37 6847 56-«7

Oat 5640 6740 6648 96-80

DM 68.16 ~ 66-00 ~S74g 67JB

UVE HOPS 30,000 Bt. oenta/lb

. ’ Ctoee High Lew

Feb . 4440. 4540 4440

April 38.67 3847 . 3845 3840

June 4247 4347 4Z47 «.»

July 43.75 43'4SZ 43.10

a.uum* 4246 42,40*^4142 4142

o« 2040 Sra-W

Dm 40.90 4040-

Feb 40.70 4045 - -40.70 40.70

MAIZE 8400 bu mlS. raott/Mlb- ..
bushel ' ’

Marah.-.- .1848049 +68.0 2520-490

May- 8540-80 +614 US5-617

July_ „[2810-1B +694 2859-666

Sept. 12680-84 +894 *710-866

NOV.. 878040 +904 2700-799

Jan. 2770-80 +<74 Z9187U

Mar. -^.-iSaOO-M +964 I —

Sales: 7443 (7,248) lore of 5 tonnes.
..ICC Indicator prices. (US cents per
pound) for February l8r Comp, daily
1979: 194.42 (17940)-, 16-day average
186.57 (186.S2).

GRAINS

Old crap wheat found keen shipper/
merchant switch Interest an March/
May. easing on March long liquidation.
Msreh/Msy switching on old crop
bails y contributed to a dull trade. New
crops sated on country hedge selling,
finding commission house buying the.
main support, reports T. G. Roddick. .

Yeatard*ya, + oriYesterdyn + or
Mnth okaee 1 — | clos e 1 — -

Mar— 115.06 I—O. 79 ! UB.M !— 0.15
May- 118.50 - 0401 116.40 (-O.S0

July- 119.50 L- 040 I - -

Sept—! 99.00 — ; 9640 -O.S6

Nov-1 10840 1—045- 100.36 >—040

Jan -I 105.90 '-OJSj 103.90 I— 045

Business dons — Wheat March 11546
only. May 11848-8.50. July 1 1945-940,
Sopt 98.00-8.75. Nov 102 20 only, Jan
10840-5.96. Sales: 834 lots ol 100

tonne*. Barley; Marc* 11240 only.
May 118404.36. Sept 98.85-840. Nov
10046 only. Jan 101.85 only. Sales;
248 lots si fOO tonnes.

LONDON CRAINS — Wheat: US dark
northern spring No 1 15 per cent
Apffl/June 120.25 sellers trans-

shipment msi coast. US No 2 soft
red winter Msreh 120 lellsr. EC
French Feb 136.50 sellar. English feed
fob March 11BJ50 paid Beaten. April
120-120 50. Aeril/Juns 122-12240,

Sept 101-101 .50. Ocy/Osc 106.75-106,
Jsn-March 111-112 buyer/ssllars.

Meta: US No 3 yellow-Franch trans-
shipment east coast March 145. 50.
Bsrtsy: English feed fob Feb Its,
March 118. April 119.50 buyers Boston.
May 121 English/Scottish. May 121
English tellers- Rest unquoted,

HGCA — Local Ion si ex-farm spot
prices. Feed barley: E. Midlands 11240.
N.E. 113.70, Scotland 11140. The UK
monetary coefficient for the weak be-
ginning Monday. February 24, will be
unchanged.

COPPER 25.000 lb, cents/lb

CK
63.

64.00 84

6440

B4.90 66

64.96 65

6E-2S 86

6540 66

6546

6646 67

68.

GOLD . 100 troy oz. S/tray oz

3904
35C.0 3964

360.0 380-2

— 364.2

— 368.5

372.5 373.1

376.6 3774

388.0 382-8
US gal km*.

Dec
Mi

April 363.7 —

June 368.0 —

August 372.0 376.0

Oct 3774 3784

Dec 3824 386.0

HEATING OIL 42.000 I

Cants /US gellqns

Latest High
March 9140 61.60

Aprfl 484)0 48.00

May 4540 46.60

June 43.00 4340

July 43.60 43.60

Augutt 44.00 4440

Sept 4440 4440

Oct 4540 4040

Nov 48.00 48.00

Dec 47.23 4740

POTATOES

After a brief 80p rally, basis ApriL
tha market came under renawod sailing
pressure which knocked values back to
test £87.00 support levels but values
bounced back to unchanged levels.
Afternoon trade was similarly erratic
and nervous, reports Coley and Harper.

, Yesterday's) Previous IBuelness

£ per tonne

1644
1846

19.1*

19.10
19.19
1940

19.66 1940

— — 20 .2D

WHEAT - 6400 bu min:
csnts/COlb -bushel

Clow Hlah LOW Prow
March 326.0 3X7.4 ' 32S.4 3384

May 296.6 295.8 275.4 2844

July 2564 2584 2884 2SS4

Sept 289.4 2834 2894 2824

Dec 2714 2744 2714 2744

March 2704 — — 277.4

SPOT PRICES — Chicago loots iaftl
15.80 (10.00) cents per pound. Handy
and Harman silver bullion 996.0 (590.S)
cents per tray ounce.

There was limited trading in April
Brant between 514.60 fn 516. 00. Nymee
opened 37c down for March WTI and
traded erratically during the morning
to stand 6c up at noon E5T. Gs* 0-1
firmed slightly due to s shortage of
prompt materials. Gasoline end
naphtha weakened' on" poor buying
Interest good sveHsbilHy- - P etroleum
Argus, London.

fesT-

Apr —I 88.10 8840 89464746

May 1 96.00 95.10 98.BB-84.M

Mov 75.30 74.50 —

Fob 84.30 85.50 —

Apr 1 9630 97.6 0 —

Salas: 805 (1.020) lata of 40 tonnes.
Earilea July 85.70. unchanged; Aug
73.00. unchanged: Sept 65.00, un-
changed.

SOYABEAN MEAL

A vary weak dollar put pressure on
prices throughout the day. Alter
initially opening £1 lower, heavy com-
marcisl and speculative selling pushed
prices a further £1 down where some
llpht consumer buvinq was uncovarad.
The market closed on a weak note,
reports Muirpace.

Yesterday | +ori Business
close — - | Done

_

oer tonne

Apr- jlBl.0-111.4 -3.701894-1604

June.. 129.0- 129.2 (— l.BOl —

Airaust i 128.9-1274 |-14« -

October — Ila/.S-IM.S -1.85,189.9-127.0

Dec. — 1,00 128,8

Fob. __~j] JO.B-14S.O J-1.6B] —

Sales: 194 (151) lots ef 20 tonnesT

SUGAR

LONDON DAILY PRICE — Paw sugar
S14340 (£89.00). down S2.C0 (down
u.90) a lonna for FebnaDry/MAtch
delivery. While sugar S17S.Q0. un-
changed.

No. 6 jYest-day-S; Previous J Businoas
Con- ctase clot* j gone
iract ] ! p

—r j — ■ i

5 per tonne

•tar |«.81Bl.Dj 149.4-160.2] 1B1.4-1504

Maty —J 1564-166.3 1564 IS 6 . 0 ! 1674 164.2
Aug — . I 6 Z.D-IB 6.81 1624-1634 1644 1654
Oct—.: 186.81364 1 674 167.4/ 167J-I6M

SPOT n»CE8

" • I Latest ' \ + or ~
CRUDE OIL— FOB (8 per b*m»— March
Arab Light . t —

Arab Heavy ] — _

Dubai — ; 1448-1448 s' —

Brent Blend... 18.I0-18.S0 : -g.so

W.T.I. ripm esl)..— ( 1448-1540 | -646
P Oread oa (Nigeria) ’ ~ 1 —

Urals (oUNME) ; • — j _

PRODUCTS— North Wes* Europe
Prompt delivery off (6 per. tonne)

Premium gasoline-. 188-176 1 — OJ5

OBBOM. «....Z1 191-193 +1

Heavy luel on 86-88 ; —

Naphtha. — „..| 140 - 1 A 8 : -4

GAS OML FUTURES

" 1 “ssr

8 US IT

par tonne . } - '

* taf • J£5-25 L S-» 17040 8840

Apr— ...... 160.60 +0.26 1M. BO-48. 78

-^1 145,35 +046 146484240

ta"®- 1*0.75 -0.28 I 145.00-^945

July....; 1*1,50 — ■ : 14148-40.00

AUB —I 1*4, M 1+148 144,00-42.60

Sep. _)- 1*4.00 --3.00 ! 144.C0

Turnover: 1.B18 (2:4101 low of 100
tonnes.

CRUDE OIL FUTURES— Brent Blend
index (* s bane I}. Clow, change.'
business dfins): Index riB-73. -0.32:
Marah 16.60-17.20; April 14.95-1S.06,
“0.35. 14.85: May 14.26-16 JO: Juris
14.00-1S.50: July 14,00-18,00. - •

Turnover. 15 (34) lot, 0 ( 1>OQO
barrels .

ffe

iil

Sales: 936 (1.806) hMs ol 50 tonnes.

Tata and Lyle delivery price ler
granulated basis sugar wka £702 tt)
(£206 00) a tonne lor export.

Internationa] Sugar Agreement—
(US cents per pound fob and stewed
Caribbean pons). Prices lor February
18: Daily price 5.48 (945); 15<day
average 5.44 (5.43). Y

_ RUBBER

p,ics 1 {buyers)

2?* “■ 35p < M2 5P): March 62.25p,
(53 2Bp) April 62.7Cp (B3.7Sp). ^

Kuslc Lumpur lob pnee (Mstayalo/-
.Singapore -cants) po r kB: flss No ,

a»siw.s)?“' 0> 8nd ,or SMR 20

# t

33

N

"is.

z r :<s

Fmantial 05mes Thursday Febtuaiy 20-1986

CURRENCIES, MONEY and CAPITAL MARKETS

Company Notices

FOREIGN EXCHANGES

Dollar weak and volatile

The dollar was very volatile
on the forelgg- exchanges yester-
day, -reacting to apparently con-

Aiding; -views fr o m Mr James

BaJcer, US Treasrtry -Secretary,
and Ur Paul Volcker, chairman
of the Fedearai .Reserve Board.
Overnight -Ur Baker . indicated
be was not.displeased with the
dollar’s fell, and said yesterday
there -was 09 disagreement
between the Treasury and the
Fed, and that both' wished to
see lower Merest rates.. On the
other hand Ur Volcker spoke of
his concern about dm loss of
confidence to the dollar.

The US currency touched
Y17730 on- Hr Baker’s comments,
but closed at Y179-Z5 after, hear-
ing Mr Voleker’a warning, com-
apred with Yisi.05 on Tuesday.
The dollar also fell to DM 23040
from DM 234S0; FFr 7.05 from
FFr 7.1950; and SFr 13055 from
SFr 1_9380. - The exchang e rate
index, according to- the Bank
of England fell to 118.0 from
1203.

STERUNC-^- Trading range
against the- dollar. In -1^5-88 Is
2.4885 to 1.0525. January average'
1.4246. Exdumge rate index
rose 0-5 to 74J5, compared with
823 six . mpnihs ago.

Sterling tnocbed a peak of
JL4655-L4665 in London during
the afternoon, but fell bade to
close at $1-4500-1.4510, for a rise
of 2} .cents on the day. The
pound' showed- mixed changes

£114 NEW YORK

Latest

j' Fob. ia

Prav.oloae

£ Knot ■

1 month

8 months
ie month*

8 1^460-1.4478

p_61.0.fl9pm

LS3-l-4Bpm

Kk-as4jHJsuri

£1.4480-1.4480
0.52X).6O|3m
. 1.07- 1.64pm
a.Bas.iopm

Fanned premiums and ifi acom t a apply
to tbs OS. dollar

against other major currencies,
but was -fairly steady, in 'spite
of the overnight fan in oil prices,
and warnings of a further sharp
weakening by the Kuwaiti Oil
Minister, to a possible $5 a
barrel. Sterling fell to DM 3.3425
from DM 33450; FFr 102250
from FFr 103750; and SFr 2.7650
from SFr 2.7675, bat . rose to
Y260 from Y25&50.

D-MARK — Trading range
.against the dollar in 108536 is
SA5JO to 23040. Jannaiy average
2.4392. Exchange rate index
133.4 against 12&9 nix months
ago.

The- D-mark gained ground
against the dollar in rather con-
fused Frankfurt trading. Tbe
rise. In US January housing
starts was higher than expected,
hot had little impact, as atten-
tion focused on Mr Paul Volcker’s
testimony before Congress later
in the day and on Thursday,
and the revision of US fourth-
quarter GNP growth today. It
waa expected that GNP will be

POUND SPOT^FORWARD AGAINST POUND

revised down from the last esti-
mate of 2.4 per eent growth, but
dealers were uncertain whether
the speech by the chairman of
the Federal Reserve Board would
support the dollar, or encourage
its falZ The Bundesbank did not
intervene when the dollar was
fixed at the lowest level since
May 25 1982, at DM 2.3105, com-
pared with . DM. 22S24 on
Tuesday.

JAPANESE YEN — Trading
range against. the dollar in 1985-
88 is 283.15 to 179.25. January
average 19955. Exchange rate
Index 194j6 against 1562 six
months ago.

The yen rose against the dollar
in hectic Tokyo trading, but
showed only a small gain from
the New York close. Remarks
by Mr James Baker, welcoming
the dollar's fall, sparked the sell-
ing of the US currency in New
York 1 and the Far East. The
dollar closed at Y17&S0 in Tokyo,
the lowest for over seven years,
compared with Y179 in New
York, and Y181.75 in Tokyo on
Tuesday. Another cut in the
Japanese discount rate is widely
expected, but tbe timing is in
doubt Ur Noboru Take shit a.
Japanese Finance Minister, said
conditions are ripe for a lower
discount rite, but Mr Satoshi
Sumita, Governor of the Bank of
Japan; told Parliament the
central bank was not considering
another cut at this time.

CURRENCY MOVEMENTS peak

its

One month

Throe

roonttai

W. Gar.

Portugal

Spain.

Italy'-

Norway

France

Sweden

Japan ..

Austria

SwRx.

4.18 1-Eft-1-47pm
-0.44 JXpm-.TZdM
in e-5\pn» ■
1.S9 41 -38pm
433 13V11\pm
2.44 090-0j45pnt
7 JO tVApm

US~~ 1 ,4410-1. 48&S 1JS00-1.4SRJ p.62-0.49c pm

CSMda 2.0150-2.0335 2JJZ2V-ZOS3S 0M3~0.12cdla
Nethlnd. 3.73V3.78V kWid-Wj Z-V* pm

Belgium «73Majtt 87*6-68415 13-Sc pro

Don marts 12JSV1237. TZ28Vr12toV 6V3V>re P«"
nSta™ 1 .1015-1 .1080. VT0M-1.16E4 0JM.16p pm
3JZV3.3SV 3J3V3JA 2V2pf pm
217-219 255-SSOc die
2JO.1O-2114J0 210.1I«10.7D 25cpn*-16dls
22S6V-2283 22S5V2ZS6V 7-11 Urn die
1OA9V10J7 T03SVHJJO*, Vlora dj*

10.18VTO.29>. 10J2-10J3 V: pm-IVHs
lOtoV-lOto 1 * lOJSV-IOtoVVBropm-par
2S7V2S1 TSSPjSOOh 1 to-ltoy pm

23J9-Z3.64 TUM3.4B IIVS’^IP pm

273V1.7A 2.7B-2.77 M'*P» * ... - _ __ _ __

Belgian, rota la lor conuaatibla fiance. Financial franc BBtototo.
Six-month kpnid dollar 2.74-24B0 pm.. 1B-4MAlh 4, £36 490a pm.

%

pa.

4.12

628

2-32

4j07

2.44
7 MB

— 22J3 DOO-1.£40dK -19.83
-0-2* 26-T4SdB -1.S2
-4.79 32-37 dia -6.12
-fito 1V3dis -DJ4
—0.69 evewdia —2-66
OM 2V1 J M»m 0-73
6.46 4.HL3topm 6.06
6-47 33V29pm 6-36

BJ1 SV^iOm 5-14

Feb. 19

Bank of
England
Index

Morgan
Guaranty
Change %

74,5

—17.1

U.8. dollar.

118.0

+9.1

78.9

-12.1

Austrian schilling .

184.a

+ B.7

Belgian Trane

04.1

-e.4

85.0

—1.8

135.4

+ 13.4

Swlee franc

157.1

+ 16.0

7U

+ IL2
—10.0

Ura

46.1

-18.1

• 194.6

+ 42.6

DOLLAR ^ spot— forward against dollar

Morgan . ‘ Guaranty cha n ge*
1380-7882= TOO. Bank of Engind Imftor
(base nanga 1976=100).

OTHER CURRENCIES

Fob 19

Day's

spread

done

One monih

% Throe
pj. .month*

Portugal

Spain

Italy

Norway

Franca

Swadan

Japan

Austria

S write

1.4600-1 .4510

1A2SO-1JZ70

1J3S20.1JS30

2JSni02A7S0

4SR5-46-9S

0L47V-8.47V

23COSUIM5

im-IBRs

144. 00-1 44 JO

1*65-1.658

7.WV7.T7V '

7j04V7-05^»

7-29V7-3H.

UKt 1.4410-1.4865

Canada 13013-1. 3878
Nethlnd. 2-5750-2 J20t>

Bafgftim 48.68-47.46
Danmark SJ2V8-55V
W. Gar. 2J76MJ19B
149V161b •

143-80-14540
1.G6ZV1.S78
7.13*1-7.24
6JW>r7.11\ .

7-l5V7JHi

17720-179 JO 179 -20-179 .30 - 030-0 P"
i6.06-Ks.27 : mns-iBjn - z-i^gro pro
14P75-1JOOO U0B0-1

0524.490 pm
0 JKMLTOc om
0.5L4L65edle
0-44-0-41 c pm
8- 12c die
**oro pm-1i die
HjfiMLSBpf pm
ZBO-BOOodht
36-60c die
12-131 tra da

2V3^omdle
2V3^c dta
2V2 Soib die

%

P-«-

4.12

Feb. 18

4.18 1.62-1 .47pm
7.33 2.M-2h0pm 7JJ3
—4.60 1.43-1 tod* -420
1.95 1-40-1 37pm

-254 30-36die “2-79

—0.18 Wife -0.18

3.14 137-1 J2pm 337
—29250 60d-12S0da -2430
-3JZ 180-226dle -6.57

‘ -S.K3 40-41 dia . “10.30

-4J9 8-8*jdi» —6.13

—5.07 1Z-13dle -7.04

-3 A 6-Wtdla -3J1

1.91 0JM-O-89pra 2.06

ito uhpn . 1-17

3JZ1J6-lS0pn- 4J03

iiw and PWantf era quoted in US currency. Foiward pmmlume and
d loco ante apply TO the US dofttr.and n« » «*•

” Baloiao rata ta lar.conwartible Ironca. Tlnaoekl franc 47J0-47A. -• •

Arg^ruu. 1.1 668-1. 1591-0.000041.8010
Aurelia^ 2,0410-S.04SO|1.410B-1.4130

. Brazil 1 9, 02&- 1 9,1561 13. 160-13, 225

2.12 pppaiKL— 7.W60-7.6 16018.1 940-5. 1BBO
Greece _ Soa.flB-207.601 140.95- 143.45
tTKong^. 11JB60-11J7M 7.7B7B-7.79BB

Iran 117.0- Bl.BB-

Kuwait - 0.41 100.41 SOb.BS 160-0.28 WO
Lux’ burn 67.BO6B.06J 46^5-46.06-,
Malaysia 3,6676-3.977^8.4660-8.4670
N'Ztand 8.6000-8.6000)1.8680-1^670
Saudi At. 6.33106.3366 3.6615-3.6526
Sln'pore . 3 . 1000 - 3.1100 a.i4602.i4ao
SJW.(Cm)l0J»S6O-8.94O6 2.0275-8.03 IS
RAf. {Fn). 4.08154.136Q 8.7780-8.8670
UJCE — (6J615-H.3670|3.6785-3.673B

FINANCIAL

FUTURES

US bonds
strong

US Treasury bond fut u res
finished below the day's peak on
the London International Finan-
cial Futures Exchange yesterday,
as profit taking developed after
a sharp rise during tbe after-
noon. Trading was fairly vola-
tile, bat underlying sentiment
remained very strong. March
bonds opened firm aft 88 - 11 ,
following remarks overnight by
Mr James Baker, US Treasury
Secretary, that the Reagan
Administration would not be
displeased with a further decline
by the dollar. But there was
strong selling at this level, taking
the contract down to a low of
87-24 on the announcement that
January US housing starts rose
15.7 per cent, only to show signs
of recovery on the downward
revision in the December figure
to a rise of 9.1 per cent, from
the previous estimate of 17.5 per
cent

The market was recovering as
Mr Paul Volcker, chairman of
the Federal Reserve Board
began his speech to Congress,
although his concern about the
loss of confidence in the dollar
and warning of an overshoot In
the fall of the dollar came too
late to affect trading on Llffe.
The March contract rose to -a

of 89-00 after Mr Baker

said to the House Budget Com-
mittee that there was no con-
troversy between the Treasury
and the Federal Reserv, and
that both would Ilk to see lower
interest rates. Profit talcing
brought it back to close at 88-16,
compared with 88-06 on. Tuesday.

Long gdlts for March delivery
touched a peak of 113-09, but
dealers commented that there is
strong resistance above 11300.
The highest level was at the
opening, when tbe contract waa
underpinned by the strength of
sterling and Tuesday’s very Sood
UK. public sector borrow in g
requirement announcement. In
spite of some recovery on the
back of US bonds, gilts closed
at 112-28.

CURRENCY FUTURES

POUND— $ (FOREIGN EXCHANGE)

Spot

1-mth.

3nnth.

6-aitfi. 12-tnUL

1.4505

1X455

1.4356

1.4234

7.4018

IMM — STERLING Si par t

Latest

High

Low

Pm

March

-1.4520

1^4520

1.4370

1.4315

June

1.4405

1.4405

1.4240

1.4186

S«pt

1.4796

1.4195

7.4125

1.4035

Dec

1.4060

1.4080

1^4060

1^332

LIFFE— STERLING 135,000 S par C

* Sailing rata.

Belgian rota 'la fer .cmivartibla

•t ^5 -JJ

EXCHANGE CROSS RATES

CURRENCY - RATES.

Close

High

Low

Prow

March

1.45S6

1.4535

1^4380

1.4225

June

14415

1^4286

1.4267

14072

Sept

1.4296

~

—

1.3832

pravfoua day’s opep ht

(2A28J.

Fan 18

3.345

MO*

YEN

26O.0T

l7Mf*

3-06b[ 0.027

77.781

lOOQi

864.3

04,05

69.68)

listef

>Fr. !?Fr.

2.7681

1-006

59.33) 10.63]

10.? 8.704)

M9BI 14

0.739

1-886

128.61 8_C
388.41 It

HFL

3.740

8JB78

iaiB

14.381

SJ65B

1J»6

1.668

1.36ft 1MI
4.066) 6JSOO\

Ura

8866.

1666.1

676.q

8678

i4'

im.l

3318.1

C 3

8.031,

1.400

OJK»:

7-810

1466:

B Ft.

80.34

881.6

68

0.734) 84.69

Yap par VOOfc tarn* Fr par TOt U« PW UXXX Bala ft pm TOO.

EURO-CURRENCY INTEREST RATES

Fab. 1»

Bank

rate

%

special 1
Drawing
Rights.

European

Curranoy

umt

0.788011

0.640035

u^.s

Ha

1.13870

0.034790

18.10

*

1.30568

4

1B.488B

16.1810

85«

53.8688

44.2904

7

B. 7 1670

7.98184

4

8.63388

2.16586

B

8.97063

8.44364

01*

NIA

6.64496

Ura

Xbie

1708.69

1471 .83

41*1808.864

167.481

Norway Kr n

B

8^8863

6.73189

—

165.848

136.036

94

8.37860

6.86931

4

8.17797

1.78878

801a

169.316

152.740

Irish Punt—

—

NlA

0.714945

UFFG^DEUTCSftE MARKS
DM 12SAOO S par DM

cidm Wah Law F

Match 0.4381 0.4369 04331 0.427E

June 0JI418 — — ®;4»12

Pravfoua day's opaw Int. — — (190)

•C3/SDR mto lor February IB: 1.57B35.

STERLING INDEX

Feb 19 Previous
K89 am 74-2 73.7

9.00 am 7L3 73.8

10.00 am 74JL - 73-8

U.00 am 70 74.0

Note 74 J 744

LOO pm ...... 74JI 74.4

2.00 pm 743 743

34» pm 743 7L2

4.00 pm 743 74.0

LPafa. 19

Short

term

7 Days
TtoUca ;

1

Month.

Thra»

Months

SIX

Mentha

Storting.

UA Dollar-.
CAn Dollar—
D Guilder —
ja.naBo-3
p DeutacitmrK
Ft. Franc —
ttalian Ur*.

B.FrXF1n) —
&Fr(Con) -

Yen. —

D. Krona—
AsfanlCSngfa

.lSli-lSTa

B-eia.

^XBUrUX* 1

aia-55,

*. "e*iB

■

*11

' esn-ss* ‘

sea-

71*-8

181,-13

7Hr»

lSia-lSi*

7a-Ha

418-44*

BM-ai*

MifT7fe

954-1004

. 5 «JS-

7»a-8

iaa**ia»4

801*

igft-iaft

lKwi

17ia-18i|

Bsa-Bia

lOHrll

TO

778-8

1214 -iaia

Ml*

18-1*14

5S|-67g

14V161,
18- ISA*

91*10 .

1 OH-H
618-5*
eia-0
778-8

»

$1

17-17%

9H«a*

10 - 101 *

8*S-8

718-8

One

Yew

117b- 12

WUll

lOlg-XOA.

B^-6To

5Te-4

4l«-4Js

ia-ia>i

IfiViesa

9M-9ia

BUBS*

B6a-6Ai

8i*-0

e-Bi*

EMS EUROPEAN CURRENCY UNIT RATES

Ecu

central

ratae

Corrancy
iBieunta
agelnst Ecu
Febniery 18

% chang*

from

central

rate

% chenga
adjusted for
dhrarganca

Dhrarganca
limit %

44J02D

44J804

-1-21

+1.15

+1S425

8.12857

7-98124

-1-81

+035

2-23840

2.16388

—3-33

-097

B.8SM2

644x96

-3.19

-0-83

^1 JAM

2.52208

2-44364

-3.11

-0.75

0.72467B

0.714045

—1.33

+1-88

±1-88X3

irolian Lira

1520.00

1477.83

-3.21

-2.19

±4-0856

Long-term Eurodollara: two ynra P*" ratro^ra

four vaar* 81-9 par cane five yean BV9*i per cent nonrtnel. Shorwatm ratae ara
S» iSTiS a nd aipBn*** yan : otbet, two day*' mroce.

Changes are lor Ecu. there) ore pa shivs change denotaa a
weak currency. Adjustment calculated by Financial Tunaa.

MONEY MARKETS

London rates continue to ease

Xoterest-retes continued to fall
on the Loud op money market
yesterday, as rteritog
about 3 cents against the dollar,
and dealers remained cautiously
encouraged by. .figures released
this month -cm UK public borrow-
ing, money supply, bank lending
and currency reserves. Caution
was the key word, however, with
hopes of a cut in clearing bank
base rate*- staying ta the- back-
ground. reflecting ^ memexig
view thafe^Ebe authorities will
be reluctant-: to endorse lower-
interest rates at present. Three-
month interbank fell to 121-124
per cent from 124-12!

The. Bank, of England initially
forecast a money, market short-

UK clearing banks base
lending rate 12* per cent
* sinte Jansuuy 9

age of £450m, but revised ihta
to DXXhn at noon, and to £630m
in tbe afte rnoon . Total help pro-
vided waa £B7Tm. ...

Before lunch the authorities
bought £l«8ro bills outright, by
way of £lm hank, bills in band 1
at'12{ per cetrtz.fZSOm.lVLBk bills
In band 3 at 12 * per cent; and
£17m bank .. bills in band 3 at
12 } per cent

Another . 2S9m WUs wejre

purchased outright in the after-
noon through hank hills in v
band 1 at 22} per cent: £306m
bank bills in band 2 at 12* per
cent; and £20m bank bills ta
band 3 at 12} per eent. Late
assistance of £l80m was also
provided.

wn« maturing In official hands,
repayment of late assistance and
a take-up . of Treasury bills
drained £279m, with a rise in the
note circulation absorbing £93m,
and bask balances below target
£115m- These Outweighed
Exchequer transactions adding
£50m to liquidity.

In Zurich the major Swiss

banks cut interest rates by i
point. Time deposits for periods
from three to eight months now
pay 3} per cent, compared with
3| per cent, and deposits from
nine to 12 months 3} per cent
against 3$ per ceDt The banks
involved were Credit Suisse;
Union Bank of Switzerland;
Swiss Bank Corp; and Swiss
Volksbank. Rates were last cut
on December 2, also by i per
cent, and ihe latest move follows

a downward trend ta Eurofnmc
rates and yields on Government
bonds.

In Frankfurt call money rose
to 4.45 per cent from 435 per
cent, hs nearly DM 3 bn drained
from the money market Tbe
Bundesbank paid DM 6.6bn to
Ranke yesterday, under a new
securities repurchase agreement,
but at the same time an expiring
pact took DM 9 .5 bn out of the
market.

FT LONDON INTERBANK FIXING

ai.00a.iTi. Fab. 19) -
Three mootba UJ. dollam

Bbe months US. doBars

bid 77/S

offer 8

NEW YORK RATES

( himfal m*)'

Prime mu 9*r

Broker loan XU- — SV

Pad Fund! -

Fed funda at fainrvantlon —

Treasury Bilk A Bonds

One month 7,00

Two month 7.18

Three month 7.25

Six month 7.48

One yttf .. — ...v.....' 7.81

Two yoar 8.02

Thna year a.oa

Pour year -... — 8.18

Ftvb year MZ

Sevan year ....... — 8 . bo

10 year ... 8.03

90 year — 6.07

bid 7 7/8

offer 8

The fixing rotas an the arrthmotic
DiHtn. rotmdod to itio non rant one-
alxUantft. of the Ud and offond ratoa
for SI Ora quoted by the market to

LONDON MONEY RATES

five re fo ranee banka at 11 B.m. nch
working day. Tha banka am National
Westminster Bank. Bank of Tokyo.
DmitaGba Bank, fianqua National* da
Paris >nd Morgan Guaranty Trust

FetL 19

| 7daya !

| , Three i

Six

One

] night

i notice |

Month Montne 1

I---.. .T- — - 1-

MontUa i

Year

MONEY NATES

Interbank —

Sterling CO»...~ —

LoCdlAutherttyDepM
Local Author'y Bond*
Dlaeount Mkt Depot.
Company Dopc m .. —
Finance Hto Dopoa-.
Treasury Kill (Buy)-

Bank Bills (Buy)

Fine Trada Bill* (Buy)

Dollar

SDR Linked Depot-..
ECU Depoa,...,,..-. .....

iai3i8^2t8-i2ia;i8Kfi-iBK.izie ia>ti is-ia^ nft-ia^

- ! - lBs«-121t<12iMSi%.117e-19 ll-fielis*

12se-lS%jl8)j|.lBfia| 126s

5248
187a
! 12*

! >1$

|7.(»-r85|

i 7T# -5 1 *

I 9+t-9«-

10-12H ! 12 4fi- 13561

10ifl-18iaj 18 t 8 |

18

1ZU

I -
12ti

Urt

Z8>a

Mrir

13
13*4
1**8
lZSfl
iBa*

is
iz

7.tt67!a5j7JO&-1^BB|7.O9.7.0S
BA-»iV I B-BU 7J*G
lOA-lOAl Birbft 1

*?« i -

F*b. 1»

4 t Ono j TWO

■ Ov'r-Btg’ti Monte ( Month*

Bnuaati—

Pubun~ 3416-

Thret | She (Lombard
Montfta \ Months jlnvntion

Frankfurt 4,44.5 l4JHMLS6;«.S94v46

pITL , 83* 8i.BJa | Sti-en

— tortt 8fl*-3** ! —

« =

Igr^lTM, . - , 5V - T , -

i-iSis iSirlfUe'lBU-lSisI 16-164 1134-14

4.44.0 4 404,66.

taa-0 .

0.968761

16161a

U

B*»

Trawury BHts (sail): onn4»ntli 12V P«r cant; tliree-months 11 ¥ * per cbol
B ank Bills (sell): one-month 12** per com; three-montha 11*i par cent. Treasury
BiIIb: Average tender rate at diacount 12.0867 per cent. ECGD Fad Finance
Scheme IV teFeroiKa data January B to February 4 (Inclusive): 13.077 pm cent.
Local authority and Finance Houses seven days' notice, others ssven day* fixed.
Finance Houses Bass Rates 12** p« cent from February t rS8S. Bank Dapoalt Rates
for *11019 *t aaven days' notice 6-W per canr. Certificates of Tax Deposits (Series
6}, Dapoaita €100X00 and over held under one month 12*, pvr cent; ons-tkrae
month* I2L per cane three-six month* l2*i per cent: six-nine months 12*, per cent.
nine-12 months 12V per coot. Under £100.000 111, per cant from February 18 .
Deposit* bald under Series 6 121* per cent. PupojtU withdrawn lor cash 7»* par
cent.

LONDON

20-YEAR 12% NOTIONAL GILT
t SOMO 32nda of 100%

dose High low Pro*
March 11228 112X18 112.11 112JB

June 113.11 113.30 113.00 113.11

Sept 11331 — — 11331

Pmrfoua day's open bit (B^DS)

BMda quota (dean cash prtca of 13%
Treasury 2004-06 leas equhrolant price
or near futures contract) —18 TO —8
(32nda).

19% NOTIONAL SHORT GILT
CIOQXMQ 64th* of 100%

Ctosa Hjflh
March 96.47 95.50

June 97.13 —

Previous day's open inL

.Low
96-30

— ' 96.62
(1.136)

THREE -MONTH STERLING
E&00.000 points of 100%

March S7M7

June 88.70

SW»

Dec
March 89.71
June 89X1

Previous day's

87X7 87.71

S7.6S

Pnrv

83.32

89.17
89.30

— 89.40

- 0 t&Si

FT-SE 100 INDEX
E2S per TOM Index point

Ctoaa HI oh Low Pre*

Match 149.50 1B0J» 148.90 149.60

June 151 JO ' 151.60 150.75 151^40

Previous days open hit. - — (2,134)

THRS-MONTH EURODOLLAR
Slot points of 100%

Close Kiflh
March 92-06 92.13

June 92.15 92J0

Sept 92X12 B2XK

Dae 81^3 91.83

March 91.61 —

June 91.39 —

Sept 61.19 —

Dec 90.99 —

Previous day's open int.

low Prav
92.04 92.12

92.02 92.17

9193 92.03

91.75 - 91-B3

— 91.51
— B1JS

— 91.19

— 90.99

(IBM 2>

US TREASURY BONDS

8% $100,000 32nd* of 100%

Cloae

High

low

Prav

Maron

88.16

89.00

07.24

mm

Juno

87.18

87.21

^6.27

87.00

Pravfoua day's open Int.

(4.309)

CHICAGO

US TREASURY

BONDS

tcffn a%

SI 00.000 32nda

Of 100%-

latamt

High

Low

Aw

Maroh

88-26

89-00

87-28

86-18

June

87-29

88-04

86-28

87-21

Sapt

87-01

87-06

86-02

86-26

Dec

88-11

86-12

86-08

86412

Maroh

85-18

86-18

B4-2S

88-12

June

84-30

84-30

84-06

84-24

Sent

—

Dae

—

—

83-21

Maroh

_

a—

—

83-06

June

—

—

—

82-26

US TREASURY

BILLS (IMM) Sim

points of 100%

Latest

Mgb

Low

Prow

March

83-13-

S3.15

93.07

93.17

June

83.22

93-25

S3.1S

S3 37

Sept.

9X13

93.14

93.0$

33.16

Dec

92-96

32.96

92.8S

92to

March

82.68

92.68

92.68

92.76

June

92 AS

—

82L48

92-57

82-30

—

82.30

97.40

Dec

82.16

—

92.16

92-23

CERT DEPOSIT
100%

(IMM) 51m points of

Latest

High

Low

Prow

Maroh

92-37

92-42

82 J7

82417

June

82-42

52-47

9238

32-52

Sept

—

—

92 -33

Dec

—

—

—

92.12

THREE-MONTH EURODOLLAR (IMM)

Sira points of 100%

Latest

High

Low

Prov

Man*

92.10

82. IB

92.02

82.13

June

02.14

92.20

92.02

92-18

Sept

82.00

82.06

91 to

92.03

Dec

Slto

91.83

91.68

91.82

March

81-58

91 to

81.46

81.58

June

91 JXT

91 J7

9135

91.37

Sapt

91.17

81. 17

31. US

81.17

Dec

WJS

SOto

90.87

80.U

UFFE — EURODOLLAR OPTIONS
Sim points ol 100%

Strike

Calls — Last

Pul*— Lest

price

March

June

Sept

Vol

Maroh

June

Sapt

Vol

90.00

2.06

2.16

—

0.00

0.00

BOto

1-58

1.65

166

WWW

0.00

Oto

0.00

—

91.00

1.08

1.17

1.10

—

Oto

0.02

Oto

91-50

0.58

0.72

0.71

—

0.00

0.07

0.19

—

52-00

0.18

Oto

Oto

—a

0.08

(L21

0.37

130

92-50

0.01

0.13

0.18

mwm

0.43

0.48

0.66

w^

93-00

oto

0313

0.06

—

Oto

Oto

1.04

—

Previous day's opan kit. CaJta 3.785 Pots 3.750

LIFFE (75 OPTION®
E25XJOO (cants par C1)
Strike

Calls— Last

price

Maroh

April

May

June

Sept

Much

April

May

June

Sept

Ito

26.02

2Sto

_

Oto

_

_

0.04

_

T to

21.02

21.0?

. — .

21.02

21412

Oto

Oto

__

0.16

0-78

Ito

16.02

16.02

16.02

16.02

16.02

Oto

04)4

Oto

oto

1.60

1.35

11-02

11.02

11 to

11.02

11.02

Oto

Oto

Oto

ito

2to

Ito

Oto

6.19

6.74

6-88

7.77

Oto

14)8

2.15

2-73

4.82

ito

2J7

3-07

3JH

4.17

Eto

Lto

2to

4to

64)2

737

Ito

Oto

Ito

2-02

2.31

3-49

S-OS

6.11

7.43

8.18

104M

Estimated volume total. CaOa 2.107 Put* 1J09
Previous day's open IntarueL Calls 8.158 Puts 7,638

LONDON SE E/S OPTIONS
£12.500 (cents per El)

Strike

Caffe— Lest

Pute Last

prtca

March

April

May

June

Sapt

March

Aprfl

May

Jtma

Sant

1J0

IU.

nj«.

n.a.

n-a.

n.a.

u.

n-».

n-a.

n.*.

n.a.

1-25

n.a.

n.a.

n.a.

IUU

m.

n.a.

not.

IU.

n.a.

n.a.

1.30

n.e.

n.a.

n.a.

n.a.

n-a.

n.a.

n-a.

nji.

na.

n.a.

Ito

n.a.

n^.

nj.

IU.

n.a.

IU.

n-a.

IU.

n.a.

Ika.

1.40

n-a.

n.a-

n.a.

n.a.

IU.

n-e.

n-a.

nj*.

n.a.

n.a.

1.45

U-«

nj.

n-*.

n.a.

n-a.

n.a.

n-a.

nte.

n.a.

IU.

1.6D

n.a.

n.a.

n-a.

BJ.

IU.

nj.

n-a.

IU.

n.a.

M.

Previous day's open Int, Calls n/a Puis n/a
Volume, n/a

PHILADELPHIA SE E/S OPTIONS
£12.500 (cents per Cl)

Strike
price
1-20
1-25
1-30
1-35
1.40
1 AS
160

Cell*— Last

March .April May June Sept

Maroh April May Jibm Sept

14.50 — — — — — — — 0.60

9.SO — — — — 0.15 — — 1.46

4.90 5.30 — 5.16 — 0.6S 145 2A5 3A0

1.E6 2J30 — 330 — 225 320 — —

0-3S 040 — 1.90 2.80 — _ — -w.

Pravkum day's open bit. Calls 85X173 Puts 55.130
Volume (mid-day), Cana — Pum —

EVROF&^btrasrrA^V^ucarPTS

(tORi« IN

STAR MICRONKS CO, LTD.

NOTICE 15 HEREBY GIVEN tint a

rail, enrtcMnd niii be a«id to *h»ra-

lectarsd that ta* i harms will be
MM HHltaihne . M the JMIIWM

ISSSW’STTSSfi. wW * fcwn

Suhject to ePBreval of the dMdcnd. a
tanner notice will be nubituied. am
gcript. the dividend by the
DanwBrr. auune ta* amount and
MXoai ait* si earymant of um dl»l-
dMd toperher with the Procedure to
M followed for o&uinlna p»yinent.
Coatoa No. 7 will bo used for col-
lection of thi* dhiidMd.

CITIBANK, NJ, London

Feon-ra 20. raw DCT °^“ ry

AUSTRALIA AND
NEW ZEALAND BANKING
GROUP LIMITED
Sterling Floating Rate Notts
due 1997

In accordance with tbe Pro, (Won a of
the Note*, notice Is hereto given that
lb* rate of interest for the period from
14TO February. 1956 to Idth May.
1956 has been Seed at 12.9375 per
cent per annum.

On 14th May. 1086 interest of
atenlna 157.75 per axeninp S.OOO
nominal amount ol the Notes, and In-
rarest Of sterling TBS. 66 pmr xteHIng
25.000 nominal amount otih* Notm.
roll oe due against coupon no. 6.

SWISS BANK CO neon AT ION
INTERNATIONAL LIMITED
Reference Agent

Legal Notices

No. 00184 ol 1966

In the High Court of Justice Chancery
Division In tile Mener ol WESTBURY
HOMES GROUP LIMITED and In the
Matter of the Companies Act 1985.
NOTICE IS HEREBY GIVEN that the
Order ol the High Court of Justice
(Chancery Division) dated the 10th
day of February 1938 confirming the
reduction of ttia Share Premium
Account of the above-mmad Company
by £2,875,968 worn registered by the
Registrar of Companies on the 17th day
of February 1988.

DATED the 17th day of February 1888.
FRESHFIELDS of GrintUH House.

25 Newgeta Street,

London EC1A 7LH.

Solicitor* for the said Company.

Personal

THE 1885 DIRECTORY
OF PRIMARY EDUCATION
Lists 2«.000 spa. Primary School*
tor UK. 1 -244 pases £25.00 cam.
Post free.

THE 1986 EDUCATION
AUTHORITIES DIRECTORY

Sim foil detxHs of local e du c a tion
authorities and tfiefr stair, all secondare
x boou. Independent cecondarv level
schools, further and higher education
Institutes, polytechnics, universities.
spscmI schools and much more. 1.220
pages. Casa bound. SUM cwo.
Available thro' booksellers or from:
MSP LTD.

MOt FT. Au-feV Hone
BlatThhaaiev Road. RateB
Surrey. RN 1 3 DM
Tel; 073 74 2223

Obituary

SYCAMORE — On February 17 . 1966. sud-
oanly at home. Thomas And re w Hanflnu.
C.B.E.. aped n tears, of Westfield, mar
Hamnpi. Sussex. Beloved husband of
Winifred, much loved farrier of Dbna.
Adrian and Linda, and grandfather.
Funeral Service St. John** Church. West-
Mtf. on Mamhr, Fcbranre 2 S at
2.15 p.ol followed oy cremation. Family
flowers Only, please, but donations, n

Contracts and Tenders

WANDSWORTH BOROUGH
COUNCIL

■MAJOR MAtarrcNAHCE WORKS
AND ASBESTOS REMOVALS
AT WINSTANLEY ESTATE.
BATTERS EA. LONDO N SW11

Heating and ventilation con tractor!
vrbmlnu to be umsidarad for selec-
tion to tender lor maior maintenance
works and arint-'l-f removals at Wln-
ztaniev Estate. London, swil. should
submit aanm to the Director Ol Ad-
ministration, Room 111. Tha Town
Hall. Wandsworth High Street, London
swts 2 PU to 2 Biti February 1 B 86 .
mtotinp reference BAI0I33O4.

(N.B.— AoMloent* Should refer onhr
ta the above-ment io ned scheme and
should not Include replies 10 anv ether
adrerrlEemeaits currently plicod by
Wandsworth Borough Council).

The work! will Include:—

(a) Tto chemical cleaning and BosbtaB
of alt main* motto I no heatlno and
domestic not water to 962 dwell-
ings from 4 central roof too boiler
plants, removal and cleanlna of
existing neater battery In me
warm air unit and maintenance
to tans, valves, controls, etc.

8 ) Removal of all ateestos-bearlra
matarlM tormina and contained
within warm air cupboards, and
replacing it wKh asbestos- tree
materials. Asbestos work to be

undertaken Oy specialists licensed

to operate to standards required
bv the Health and Safety Executive.

Applicants must submit details of
labour, technical and supervisory staff
available, together with names and
addresses or two technical and two
ananclal referees unless this Informa-
tion has already been provided lor a
similar contract within the out 12
months.

It u anticipated that xaetlBcation*

and drawing* wHi be kum to wtccted
contractor* in April 19S6 with a
proeosed stare on sire la July 1956.

The engineering design services for
TON scheme will be nrovldod by the
dortreoh^Arcmtect. Tbe Town Had,

Wandsworth High Street.

G.

Director ol Administration.

Art Galleries

01-629 6176. 113th ANNUAL WATER-
COLOUR EXHIBITION. Until 21 Fab.
Mon.-FrL 9.S0-S.50. Tfexl. until 6.3Q.

COLNAGHI. 14. Old Bond 5L. W 1 . 01 -

*91 7408, THE BRITISH FACE — a View
of Portraiture. 1600-1850. Until 29
March. Moa.-Frf. 10-6: San. 10-1.

ZAMAIU GALLERY. 1 . Cromwell Gardens
Coop. V. a a.). SW7. oi-sb 4 6bi2.
Presented be live Mathat Gallery. LANDS

WITHOUT SHADES The Orient throng B

V Ritit n Eres. Until IS March. Mon.-
SaL 10-5 JO (Cloud FrL): Sun. 1-5 JO.

Clubs

EVE has outlived tne others because of a
do I Icy of fair play and value for money.
Supper from 10-5 JO am. Disco and too

musicians, glamorous hostesses, exciting

floors hows. 180. Regent Sc.. W 1 . 01-754
0857.

CLASSIFIED

ADVERTISEMENT RATES

Par

Single

column

Ana

(min.

3 fines)

Commercial A Industrial

cm

Jmln.

3 emsf

Property

11 to

39.00

Rasldantial Properly

9.00

30.00

Appointments
Business, Investment

12.00

414)0

Opportunities
Business for Sale/

11 to

39.00

Wanted

IT to

39.00

Personal

9.00

304)0

Motor Care

94X1

304)0

Holiday & Travel

8.00

30.00

Contracts A Tenders

11.60

38.00

Book Publishers

— net 224)0

may be sent to

Towner Ltd..

Funeral Directors. 2 - 8 . Norman Road.
5b MMidMIl^Hi fast Sides.

0.00 par sfngfo cotamn cm extra
AH prices exclude VAT
For further details write to:

Chstified Advertisement
Manager
Financial Times
lft Cannon St, EC4P 4BY

THE CME’S NEW ECU FUTURES:

When your risk is all over the map,
your protection should be too.

sTrx

ri:

When you face exposure in more than
one European currency, you need protec-
tion that covers a lot of ground. The
European Currency Unit (ECU) futures
contract at the Chicago Mercantile
Exchange's Internationa] Monetary Market
(1MM) gives you the coverage you need.

It's the newest addition to the currency-
refated futures contracts at CME,
where currency futures originated
in. 1972.

Here's how ECU futures can hefp j *' : h
you keep yew foreign currency
exposure — and even Interest rate
risk - within manageable boundaries.

ECU lufures ewer Europe
10 ways

The ECU is a unit of account whose
price reflects the value and performance
of 10 European Economic Communfty
currencies with the components weighted
by the relative size of each country's
economy It is rapidly becoming a popular
medium of exchange for European —
and giobaf - trade and finance
transactions.

The free market determines the price
at which the ECU trades against the dollar
and other currencies, with the doJJar price
of the ECU approximating the total value
of the dollar prices of the 10 individual
components.

The ECU serves as a barometer of the
value of European currencies. That means
KU futures can help you protect against -
or take advantage of - changes in the per-
formance of European currencies against
currencies in other economic zones or
against a single component currency

lfe(^cirre(icieslacha%
futures antf forwards

Because the CME’S futures contract
is based on a basket of currencies, it has
unique versatility For instance, it offers
the ideal hedge for many combinations of
European currencies. No opinions on the
relative strengths and weaknesses of
individual currencies are required, and
there’s the added advantage of transaction
cost savings.

CME ECU futures can be used to
manage tire risk of adverse ECU exchange
rate movements by fixing the value of a
future purchase or sale, in the same way
CME currency futures and options
contracts can be used to hedge trans-
actions in the individual currencies.

Ireland.,,. _ <?

Denmefk ry

Nethed&nto ^

'v.-v. '••••■*# .*> Gomnnfe

•.}*>'*%. < -x} . if T . f^m ■ ■ -* .

fy.s vjf ^ ('?/' 'T: \

The ECU futures contact also makes
an effective hedge for firms with exposure
in European currencies without futures

contract, for example, lenders and
borrowers can lock in attractive interest
rates.

Tbe CME covers the world

As the world’s largest and most
influential exchange for currency trading,
the CME brings the advantages of liquidity
v. and experience to ECU futures trading.

The ECU futures contract’s delivery
J/'^V cycles and other contract terms

302 similar to those of the CME’S
contracts such as Deutsche mark
and Swiss franc futures, and K has
attractive spread margins. Thai
means ECU futures at the CME offer
unparalleled arbitrage, spreading
and trading opportunities.

contract snoncjfnoNS

taeSng Unfts:

ECU 125.000

QuotaBoR

USSperECU

Tidoar Symbol:

EC

Mbdmtan Price:

S0001 per ECU

ffcifhedln— .

ruuufluurc

S1SL50 per contract

Mce Linds:

None

^ ■ ■■ —

UaBIJCI fWlililZ

Mai; Jun, Sep. Dec

nangnoiiK

(Chicago time)

720am Id 130pm

lastDayoflfacfing:

Two business days before
the thW Wednesday of
contract month

LastflatengDqr SI

Hours

(Chicago fimaj

720ara to SDOam

Dofiveay:

Check wite Clearing

Hou» lor delate

US. DOLLAR/ECU EXCHANGE RATE

Jan 1982 tot** 1385

Approximate w&QhtS of currencies in ECU on 1&W8S
GfifmanMartr X/CPk Bel gtanFmc. ..

French Franr,, 19.S*i Danish Krone 2.fi%

British PuM 14M Irish Punt T2%

Dukti Gufkfer__JQ Of6C*OracAma_a0%

BaKanLto . .9,1% Luxembourg Franc-JL&h

markets, or with Illiquid or nonexistent
forward markets.

fn addition to hedging ECU-fo-doHar
exposure, the OrtE’s futures contract can
be used in conjunction with other CME
currency oontracte to hedge ECU price
risk against other major world currencies
such as the Japanese yen or the. Swiss
franc:

The ECU te now the third most popular
unit of account for new Eurobond issues
Wflh ECU futures, issuers and investors
can hedge receipts or payments from
EOU demontoated notes or bonds, as
well as the purchase and sate of these
instruments.

The ECU contracts even more

than a flexible currency hedge, however

By spreading with the CMEfe Eurodollar

Protection that goes where
you need it

For more information about how the
new ECU futures can help you protect
yourself anywhere In Euro pe, talk to
your broker or calf Keith Wfoocfixidge
or Nefl McGeown at Chicago Mercantile
Exchange, 27 Throgmorton Street,

London EC2N 2AM Tel'. 01-920 0722.
Telex: 892577 IMMLON a

CHICAGO
MERCANTILE
EXCHANGE

FUTURES AND OPTIONS WORLDWIDE
International Monetary Market

t

34

BRITISH FUNDS

ITCH |

Htga Low I

Frit*

£

+ orj

Yield

hit. I Bed.

"Short*" {Lives up to Five Years)

96VrTrera lQpcCro 1Mb. —

92VTrte3o£ 1986.

WVteroh.lOVatWft

WWTrta I2pc 198b..

94%]Tt*ac8VR iww

MQVlEn*. 14pc 1W6 .

87Slich.Pj«1986^_^..

154*1987 J

- r«$J0VpcC»'fl7 —

2>w 1987 „

1$3K 1987 _

jWaOi-8M7C...-,

Treat Upc 1987

Trus Jk1987.

7rw ^5*1987

T*»7V*198M83.-

EudilQVpfM

Tr&ts 9%pc C* U8

Tnmporl 3oc '7B-8B

91ljff«B.9ljK'B8

‘n'jCrwsUJJclW

9m3Trw9i tf te*». , 89

»vhv

s a

ICO

V

W

104,

wSl

100?)

Is

«» af

45i

joy

$8
10ZM

97A

«■;

A

•g
1011 *

108V

wS

■sa

u»0

Five to Fifteen Years
B6fil 77"Pm*Tj 5Vpe W-SW-I

10ZV 93'a Enck.UK 1991

im 101 V Iron X!Vnc 1592U .

■BA, 89% Tirol 10 k 1V2

100V 91V Treasure* M923—

107V 99HEn».iavw9r

U3A 104.; E*di 13>jK 1992

B70i«bBVk 1487-408

91V Tmo. lOpeCv 1990 |

76V EjhJi 2tjK 1990

97 VTftsa UVoe 1991 I

il+%

21 y MUTnas 10 k 1993 (COpdl J

104 li
8ZA,
1UM
121 y
ns
uovl
42.V
107
70%)
98, V

120 ;

W4

1*8,1

117%}

#
100 %
•«3
128, V
95,
77,
133

h&

uk

101 J

i%&

100 Trea»lZVpe 19938— ,

74 FurttojipcWMf

1061! TreaiUVpe 19938

112,; Tirol 141# 1994a __J

lfHVErah 13VK 1W □

lOOUiidL 12Vpc 1994 _J

84, i rnai9K 19948

98A Treatise 1995

61 !, to 3 k »95 4

B9% ExdL UJVpc 1995

103% rreas l?Vnc 19958 ....
109a rres.l4K*96.

Tmu toe JTO-9MJ |

ma r,Mi u>4K 19968 —

107V Exdi 13VK 19968

67V Redemption 3 k 3986-96.

107 A Tmi 13Vrc 19978

91 ExefelOVK 1997

81 v Tree BVk 19978

117V ExcS.ISk 1997

87 A E*dl. 9 Vk 1998

49,1 rrHsW.sc 1995-988.-1
122 y (« 15>tfc '9B8 — 4

10J A Eadtltoe 1998. -

86*i Tree 4UK 19998 _
103V bdtUVsc 1999— _.

92% Treat. 10V«C 1494

90K Eownwn 10*48 1999.. J
unanmiLUKam □

toVj+%
300V +V
107V +%
96ve*v
98V +V

105 %jc +V
XliVn +V
211; 4- V
107V +'j
«V«J+*

1141. *1,
319V* +1,

"" +V
+V

_+v
100V +V
70V +V
96V *'i
111 V + V -
ll*V+%
90V® +V
126V +%
U5V+V
76V +V
U5V +%
98%*+%
8BVd+V
126 +V
94 V rV
76V +V

mv +v
JWV +v

94 +%

IU%*|+V
loov + V
98*4 fV
U7VJ+V

1004 1201
3.06 12 57
] Q.56| 1065
1101 1220

861 1105
1363 1101
261 802
1309 1160
1038 11.70
IWl 8.15
1D63| 1167
680 1060
1017 11.43
123 862

1L41 1149
617 10.79
1065 13-27

1005 1103
339 157
9.9( LL27

lL4fl 1U4
9.94 11.19
365 866

10.67 1L08
3038 1108
1105 1115
532 9.70

10.4(1 10.73
122« 1101
not 10.99
1192 1103
371 8259

903 1000
Ml .34 nos

32« 8.44

1L44) lLOl

667 917

10.99 10.95
1L83 10.93
10231 1084
1067 106b
U67 10.46
12.15 U 08

10.42 10.85
U60 10.94
711 915

1204 10.9b
1217 1007

11.93 UOl
1151 1092

9.93 1066
1119 1068

417 754

1058 10.79
11.46 1084
U 85 10.45
991 JO-5?
1208 1092
110C 10.75

3.93 667
1X45 10.76
10 62 10.08

986 10.45
1L90 10.98
1032 1057
8ai 10.13

1162 1069

nm 1066

10.11 1035
11.00 1063
1049 10.48
10.4] 10 4S
1UH 1063

Over Fifteen Years

93 1:
123,
96,

in.

96A

96

1241'J

40V

109{*

99!?

52A

Si

10311

V

ii

61 Vj

aiv

119,

92 A rnas Uk 2001

113V Tr«s 14 k *9841 -I

905 CwiNMon 4 Vk 3001 .......

101Vtoh.U>pc'494U

90 ii CmrMn 10 k 2002

90S r™aj9>4K 2002

114,*, Tress. 13 Vk 2000-03 -.

34V rre» 10 k 173 l£35od)-._.
100 Li Treat 11 VK 700104.. —

92 a Treat 10 k 2004 4

46V F«aP93*^c-9904. — J
88S C«Meman9VK2004

89 Cc«tnaoa9i«c2005 I

95A||n*.10*a*2005

lOBitwas. 1 ?Vk 200305

77 A Treat 8 k 200206fi

103V Treat 1] Vnc 200307

116 A Treat 13 Ijk '0408

56V Treas. 5 *^k 2008 - 12 ^

75A Treat 7<K 20L2-15» _
U0y£®6.12pc'l>T7

Undated

Index-Linked
(8)

117V 105V Treat -88 (297 J). U7sJ+V

1011 9iv Oa.2oc , 90 (333.9). 101 *; +V

1141; 108V Dq.2k’96 (267.9). 112V +V

103V 95V 0o.2Vk' 01 <30861. 90Ve +V

l£G*js 93V Di-2'ipcta 010.7). 97V fV

106V 96V Db.2K‘06 (274X1. 100V +V

103V 9ZV to. 2*3® "09 010.71. 9SV+V

107V 96*2 Dd.2*jk'H 094 XV UOVal+V

90V 80V 0o.Z*wc'13 05X91. 841,® +V

98V B7V Do.2*#c-16 0220) 911, rV

9753 86*3 Do.2*»c70 <32731 89 ^+V

Prtnprsnnrr real redemobon rate on p rutecwl inflation 0 < (II 10% ano
(2* 5%. <b) Figum In parenUmtsslm* BPI base month for mdeicl lift k
B monOn prior 10 (Hue. RPI lor May 1<WS: 375 b am) hr DecemOor
1985- 37B.4,

I NT. BANK AND
GOVT STERLING

■ DtMUVla2010_]

8«B»10Vfxia2t»9_]

■ 13VK2010.

.UVdcUi 201S_
r lo* » list In 2002.

Do. 10%pc2004

. WandlfJ.^U^TJ
117V 100VlM-«m On U Ui»t20(DJ

95V 80V to 9VptLn 2015 ,

103V 99V lot Baokl3*2K 1986. — J

106V 100A to 14pcLn 1987 J

97 85V HIjntalOVKl* 2009

103V 97 toUVKlii*88 ...

113V 93 Met lbijpc 2008. —

107 101V «14VkJ987-.

105*: 92V Do.llVKZOM

10W, 93ij Do 1 Hfpc 2014

1*4 106V SMMUI.-K Ur 2D10_ J

102® 90V to Uk Ln 2012 1

CORPORATION

UnvidimBniiluin 13' 4x1989. .

98 Ito 111,4x2012

100 purntT) UK 19S7 -

96Vtrailf 11*1986

7?,-£lC6Vk1990JC J

87®HfHs6VK 1985-87

113 fLreiK iF.w 2005

Hq 25VlU»fW>ol JM-K Irred _.. .

A BVXCCSI.-k'BSW-

r, 77vi to 6VPC 00-90

1 23 | to.3K-20«h. _

iv aBsWawTOiiijKm? J

O'SEAS
ISSUES
ioov!+v
95*j+V
122 tlV
»4V +1%
102 V +V
97V ♦V
MA ♦/-

U3 +1V

.SJ* +11 »

100*1 4-A
102V eC
91V* ♦V
WOV+V
93* -V

5S +i

M3VeV
129*4 eV
99*?+V

LOANS

at 31

11. M 11X0
10.7] 10.78
11X6 1X01
10.91 1048
10.76 10 70
1065 10.70
14.45 1259
UJX 10,80
1061 10.73
OM 1266
13.71 U68
1X8C 1X88
1223 12X6
17.74 2013
13 JO 11.77

uxn nob

UlC 11.08
11X2 1X17

11 53 ixob

AMERICANS— Coot.

I Prtet

Stud, ! t

arj on I W

- 1 firess IpwifirV

'PC ItWl 25c 4

CmpU.SXXCO..

iFKIkS) 00

Soap30t.
IlirTractKt — I
_.C*»2Sc.*Ii
mui $126

1 cal Mm York I

PoBfsSp
. i6V._-.-4

lUeorpS#.

, . (Fin. Carp. I

lBywsae-P
41 ICoftladtU

19V Cans Frww»n S0625 J
l46fb Soatl in«m Carp JlJ
40p Cen fDiMB HldgsSl ..

I 39b rCoaorw tbu 5<*e

. 25V Crorm Zell $5

J«7p Cidtert SUrtrSOX—

|341p Danoi On 40c

1SV Ona Cere. SI

■ OauGenrrjf

15l.-«*Oerrn-LoCk X«&cl J
49Uton & BrafetreM Sl4

g&iSEaon Corpn. 50c

34 ffingog.

, 12VJFPL Group SO 01

i)37*f> E*. Corpn. Ajner. 50c

14yFnaPi«waJ5 1

IMFcrtSWarSS J

20To»TX62*k

39VCen.Eleci.SlV

-(IVCfjWfeJl-

20yGi 4 b Fast 5t*k B* SI J
16*riGt. Western Pm SI

IduHasbro lac SQ 50 I

lZyjigre Federal S0-01 4

41VHoner*** 5<50 1

20 iHosprUICorpamSl

18*, Housm lids lecfl

86 llBM Corpn SX2S 4

21UIC Inanities
22 pTTCarpn. SI
ll?(p frimrtnalnc

■ {2

Si-
ll—
50X5-1

rSTl.4

SI 00 4
i_4

«a«4

jaryweiCcn Consi

3Wi*«w<anUPlS26

5*WYI»EXJ1
21>3phh

liUPaohcGasC EhcSiSJ
4SVKVc8K leleus SOXO 4
16Wan Carp. 25c

ZTyPnmn® 83Vc _J

32yPM«BMl

Z9V|QnakerOats$5

3DURep NY Corpn S5

j94Tp [Rmnrd S5

23V RoOwefl ML SI

18V Rnfcr W«B Ik SL..

27V Sara L« nij

UV5*iiTa.F.lSl

52V 5omtiw*=era BeUlO
32V Spwry Corpn S050-J

31V Son Co. lac. U 4

52 V TRW lac. S1V

25tyTn«ecoS5 ,

1 145 to lOpcuSn. 9164
IB*: Teuco 1625.
35*Jr«ne tec SI _

UV Tracer SO J3>

IsyTranswerhaSl ... ,
UidTransamrta Carp B -4
29UUeian Carbde SI — ....

2b lUW.Tecb

15«J*US Steel «

5iyuS WdO.

31VffWoot*«niS3V-

_d-

2Stt

m

SXQM -

5L2® _

S16£
Jl.M
S36C .
SX96 .

CANADIANS

55o

19V| 14*Jl

98 Ip

543p

26* J lsyecEa

i«y53ip

24lJ 14VJBrascaa|-.

475p

11

ny

5 42p
587p
<25p

27p

62Sp

13400

hNUtMEnetVfCarp..
Jot. Montreal D

jSk Hava Scotd

WmViUeM.

275e

837p

SUgl

Tods |

261p

312a

120a

WBrealiwater Ret-
fcan.lmiJ3k.S2__
Pac*iel__

9£dN Bay Units.

&

\T3Hp
1 375p
]45*p
(lSfc

fioOatiiGdldMbin-

VSramesEiM

krfiutf CanJ

WtaberStdCaH-
IHmhn Creep
toiivBa, || —

21 UpimpTrial 0U| .

load.

Wind- Carons Res.. _

XtBsocha Emu —

10*; PRmXJkip

1 tV Royal BL Can. I

27V Supraaifl

n Tonmo-Don. Bk|._
B83p' VTnmCaP Pipe —

_

+v

SX96

639p

+14

USc

—

4B7p

18%

S22!

—

546p

+15

70t

20V

+V

SLW

—

380p

—

9EOp

+12

OSLO

818p

M0.

36V

41s

—

962p

20c

412p

*—

—

450p

—

—

350p

«-

—

750p

-12

sa

lUt

-V

96c

—

“5

60s

I

23V

+V

tf).«

—

973p

+17

USM0

—

736p

SSp

Mk

—

143p

+3

8-

1700

-12

—

12V

+v

Mk

M%

+v

52XX

—

36

-V

USJOH

—

11%

+v

8*

-m

887p

1+6

SU2

—

COMMONWEALTH & AFRI1 I LOANS

BSVJ 77iJNZ7irtc I9B3-OT 1

100 *.-
141 '
74
312

loo;:
100 v
100 !:

irov

100 !:
1001 :
100 ',
100V
100
iwy
49 ;:
100 A
945
94:1

zd

103V

106

85V

110

8?.

94V] Bo. 7 i.k 'B>86 . — J
178 SRhodZlncNoi-As-Jd...
62 ["to. 4 Vk 87 -4? A-nio J
237 taiiub«® Am((10&al_J

LOANS

BnMding Societies

99',[R , w»ie 12VK 24 206 ..

99V to K fere 31 3 86

99*> to 12 VK 21 466

99,, to 12 Vk 12586

99V to 12J.4K96B6

99V to )2 ;,k JO 6B6 - 4
99.*. Do H"bc 21 786 — .1
9B;: tolly* 11886 X

98.1 to. 11 Vk 1.98b - -

98.1 to 11,1x15486--
98 tolly® 20 10 l86 ....

■B.V to UVk 171186 ...

47” to 11,1 k 15 1286. . -
98V- to Upc 12 187--. * — ‘

Public Board and lad.

74Vla«r1t ML Sac 1 5*89 1 Biy +v

35 MeLWh IkW- --TJ 40V id .

Financial

100»:
1021 ,

6 2d 1180
4 1X92

12 62! 1328
i:S iz.76

bid 1164
7J6I 1055

90

98V,

S

7«;

82*

bnBlrdllacUnUrtB-
to. IIVocIM La. *90 .
to7VncAto89^2 . —
to.12VocUn.ln 1992
to.7VacA'4l94

82*.^ to %cA 41-99

Hah L**

to.BVcU’92-97

FOREIGN BONDS & RAILS

Pitta j* nfjlBi *,! M.

Stack

I Grass I Yield

25

26
24

17

6?

59

toy

w

125

95

9S>:i

161

592

17 pmmr4VKl698

17 1 to 5 k 1412

16 I to 5 k 1913

9V| to. 5 k ' 2S Borer

M TCre*6 7K*!v

52 to tec ZB 56 An. —

50 Do4k M.ied Ast

67 1 J6m*. , 24Au -

114 IflydnQacbK 15*2012

82 llwland 6Vpc '8X88

104Vi to.iaisrclm 2016 . —

84<:jtrflM4toC "91-96

B2 U*un6S«t8B —

ltd [Pnofta 2007

J® tTorwVlWl—

22
22
22
ID

S©

72
129
88 ! _
maB+l

905 a.

i :

*■1

9

2

275

1500

145

145

6

522

9

16.77

K29

14.02

358

1146

14.10

1L81

1215

1X20

982

11200

1985.16

Mfh La* * Stack I

5 ®^ 3*y«*wiu*tn.. — -I
47*J OTtlWnxhNPilH.FJ j

37« 27VWbeflSve»51.— ...

17y 747B (*nii SI -j

16 lEQp UmuWSc.

SlU 34 UMer.Cf*uM!S5-.
dT® 2fit4n*e» EturMSfl.60-.
23'J llVAnvrUrdWllniSl -I
20y 14 )AineiicjnT.*rsi_J

81 j 61>4)Aii*nUdiSl

25 UijAadMi

47p Z3*j&AndTecM
IBvlEHp BarAamerkaSlA —
jevf wJajBkenh.r.no. ...

ip3<np>isixcoip x

Sly bDVBfdbJURbcSl 1

3S*3 Zh'^BtlUoth SI — 1

AMERICANS

mci I* or|

■ana

440

478

445

145

550

72

U .

•swy

07

Eb»

102

1CD

32

375

104

81

250

376 ,

JM

385

186

655

5U

790

SO)

2:0

722

UOO

114

45

294 ,
£12V
£27V|
70
525

BANKS, HP & LEASING
[+ M*
Pita’

238
□47V
ZZO
67

OZV

995

Stsdh

209 IAXZSA1

£88 AiqanemFLlOO 1

92 (Uked In* _..._

46 Aebalier(H.)lp - J
725 Bascndr BieaoSJL.
643 SKcadeSiutanafr-
228 Bani hetod lr£l_- j
850 Ba*Lwol
215 8k Lem (UK HI __|
356 BaUiScMlMil

3S3 Bardaysa

380 Bcrnm SUdey £1 —
105 Bowirs Hart Tst.

425 Cater ftH«B U

33 ^weOmoanZOp- ,
25 Comm. Bkol Watts J

OHIO _ £18 i+V
,. .iHbkKrlOO — £2S'
UiMV|Detdid<e Bk DU50- £231
74*i)E*dBb Ti w
74 FcaNaLFw-lOp.--
171 JfF rfl FacWc Hd{5Cc_.

245 [OerrarC X National...

M iCocde Di Urrjp —

57 fcmnmPee '

132 ]Han4>-4s5o

m rt*.B Samuel

61 Hhiltaaj. HKSZXOJ
233 U»«MLc«)n ~ 1
138 Ntoi&SAangnZtoJ
375 'Kleowort, Bensn L

345 UormCK-

£lZ'iMCiipS5 ' Q31-I,

21 jMjcvn FW. 33 j

400 IsteorrScw 1 790 I ....

323 !Mi4isw£l — 467 1-5

173 HaXui Bh.ASl _.J 230 1+2

568 mu Wen £1 6E3 +6

£e«: 2 JtanjnBji*l30_ :£Z(» ■

9? XtsOHchJe uj Hkjs -■ U« l__

35 | to waracs-. 1 94 1

214 jftryai Bk of Sect. — 1288 1*2
725 Sc* reden. Q. £J2 ! _

iwvsw.Pwiicsio ZZj- ixsy-v

33 iSnffli St Aiibm ! 37 1

♦tXJJl -
1285 1 9

53 417 aunttniCfjnd OJ 4*3 -+3 I 1255 1 9
■752 1 600 lUraanDn^KSU 6JlhS+5 r 37 01 -
£55lj £?6.'a]Weli,Fjm S5 — E53V--ZV. 502-73 -
260 175 IWeUUK SA 1 J 220 f-2 I Q27cj 2.7

280 1225 .WUtr.KZOp 3 245 1 I r48>33

Hire Percfiase, Leasing, etc,

41
75 ,

£imw

48 &4
Z2l -
3B I —

t '

23

17.9

138

72

20*4 laVEmcY 4 ten 5c> | UV. .

83

52

343

149

160

23Vfc»i!csCl«ssiMt>-J 39 1+1 I 1X9 22
64 [iCaiwwySeiunwrk—] 71 1-2 1
£41VfC<e BcreFr 200 ON 1-261*0153%-

ia.TrHnn.1 r.a. C. L tttJ 1 A fit *1 3

55 .Lnd SecLFinXCa 83 1+1

a [MMK’wU-ie.lOp-l 51 '-V

192 ;Prm Fmmual J 343 >5

58 WXoTrurar i M '*5

TlVWMoaeuerilCtoJ 160 f+2

a>» 24 1
3X7 201
11 451 1.7 I
110 Ji H
I *va 4 {
han77P.3Bl

5J5 10.9
« a ixn
13 -
6.9 ax
52.12X)
4x[nii
4 .4 U 8
10 •
X* 114X

153
472
17
tB
260
50
120
405
221
237
420
270
363
158
146
225
Xus
60
122
123
270
57

— .275
MO ho

BEERS, WINES & SPIRITS

lAUiH-Lreos 1 283 ;-2 I TVX> D

I Eon 673 +13 14 7:3 2

IhUiH-Lreas-
jEm— _
iBednen Bnraaiy _

iBaKumscs- _J 93

280

120

242

310

W

150
400
372

32

70

136

151
72

328
88 ;
910 '
603 ]
254
90 I
160 ••
79 I
79 I
95 I

|Bro— niMjtt H wl — J 410
|Ba*ieTiBre*._„J 68

iBolimlM.P >5o I 268

^urta w i c ad P i entry J 473 <+40
<Oan> (UamnrJ — J <85
®jnfrK»u 8 B 440

OflfriohiJ A.l._„l £00

IDiUlAers Sfln — J 62S

SFiiUfr Srsili Tub *J *3
Kmaell Wbiley J 167

■CreeKKn^ J 198 [+3

tiwn ! 3C0 i+S

toS'ycCiLn J£U9 '+3

IM-lMarcOats 20p_J 74 I...

'h»e4*een Outt I 160 1 —

IfnfliCmJIrrs 235 +8

■MaalLwXIIndnel 328 L.

IMjrscq Tft*ep»i_ 86 J+l

1+UerryrlKn WtoeZj 350 I...

238 I ..

’JRsdde 16 J 1Co_| 1S5 ] . .

XcanXHAZQp 179 i+l

VjuiCrPBO 390 1-3

wn*»aa‘A' 250 Us

ry i 447 49

iWeW & uamey _

{VamN Breru'A' Eto -! 205 +5
1 to. Nsn.V.50p— 3 190 4-5

BUILDING, TIMBER,

215 jAMECSOp 1 231

50 pstn. J U6 .

Wli^mcrstenCew. J *38 -2

105 fl-ABKiSauaueSp-i 330 l-U

29 lAircMielto 60

82 au*Mfc- 150

212 ;EPfil«« Sb-— J 398

2C6 ! S3S .

20 ;6»iey'Bm]10o I M J,.™

25 iEekMtfliH.JJ.UlpJ 45 . ..

66 barrmto*. UJo I 136 +2

1U 'Beli*iy I 130 ; . . ! 7J0| L6

bO BmdortM ice I 70 . ... | 3JS0.7

14b .Uerkfk-r Crews — — j 33* i- -I hS.bi J4>
50 !3ra?m Sh 71 4S I < all. ♦
540 iSiOUilenZQO— — ■ 895 I+10J 121 0 32

468 &wC>rti+n 588 ;+5 20fll X5

190 SreescrLene <232 L . IflYU

5V.-i8-i«.iinuv Queupy 12a-. 90 1 . 34j!17

J» ,SS l M.„._ J 125 _ - } fix- 02

55 Br-ir J> 0 wwm 9 J 68 . 2A11

« .Bro«n«_ _.. . . 66 . MS22

b4 ftryjtfHesi. I 93 !■ 3X24

ROADS

11 Di 22
t25% X6
17X5123
1X17 20

ay -

44 2X
t7 77 5J
6^40
0X5 -

10 1 1X8

X5J —

ail 1 - 7

:6.7 ; 115

ii'JLo

[bBj 9
34 'U0
4.91(931
1 50 M.7
: S3 15.1

i * ) __

1 531126
! : 174
I 50 in 7

LONDON SHARE SERVICE

BUILDING, TIMBER, ROADS— Cont

198546
Mfh
190

56

UN

»

n

a

5*

*322

156

174

95

25

175

72
115
112

92

68

95

297

84

34
292
119

79

308

54

£1H

175

503

52

130

115

330

35
230

95
£92
347
305
97
79
1X6
334
338
315
143
UO
201
185
161
107
200
28
133
362
890
200
825
135
146
380
260
526 ,
29lj
110
401
£292
177
46
230
161
270
97
22
535
79
406

73
555
160
352
107
345

50
83

240

286

92

230

78

51
334
168

Stack

20 BarnettS Haflan
50 CaMread Rby- A 10e_J
50 Cenert-RoaiHoae...
Z41; YCkessmnjfer Gnu _
40 todfrGiPBB,

25 C«HMlF.)5p™ ^..J

fcostsucnna 484

(Cowrydde Preps 328d+lB

84 fcrouditD)20p—
62 Br*(Gcff9ri2k.

47 imiasnioM.M).!
UWhalPn Grow 5P—
75 Twacsop. —

57 lEntn
100

FabtnvlOp —

Frt. imL 10p—

, to'b'lflp — ,

^frUrnUdHaodPiSiLj

FHdanGnM lOp

FrmdkKier _| 297

feed Wore 5p.

Bibbs Dandy A lOp .

ymonlUJIlOp ]

HAT Cm* lto

Helical Bar —

Hnumaa Grna

Hrndm-Siaan 10p_

Da. UpcLn 0348 JL152

iHepnmd Wilhane__

WIki&HiU

hump SUM lto

AmaCpa

JjanrtiU

MJmbpiASJO,
kWaowPltlOpJ
btepeCep Fioojj

tljhiq UaUil

LaltemUILI 1

Laurence (W.),_
hjBejIFXC.) —
6 l». A Dydnhfe
LmefiiY.JJ.

56
41
60
U7
64
22
204

89
24

212
33
Id 12
112
280
” ,

12Bytew*

61
260
a
82
70
£32

197
255

64

59
93

191
232
195

90
104
161
110
107

73

UJ .

14 tenner (SupilOp

lOlVModr (A)

198 IMoKemU)

600
142
600

95
B6
UO
99
344
16

60
,254

m$2

93
32
147
118

134
63
12

300
S3
226
40
347
106
225
86

135
26
38

137

UcAIpJBc (Alfred) _
McCarthy 6 Stone 20p

+McL*MHrm A H _j

Uapirt A Southerns

llandm (HIM

Marshak Halifax _l

Manrdm (JoM) 2Qp I

May A Hatscd '

NemrtMin

pteoimkai* Brick
Fever (C. HJ

Perahman lOp J

Phoenix Tinfcer
IPbcNk

iH^xetoltlOp 1

Redbud
Rrdtend (£ WmtsX _j£292
Habem Adlard

Rawtaoi life _|

Rabtrud „___J

Rugby P- Cement. ,_J
SOB Cram

tShupe A Fbher .
Sheffield Bn*_

jsintdllWml

itUJIOp-

Tarmac 50p

Hay Hones

T ay lor Wo mH w .

n Kay Grasp 1

TrMsAAinoM-

Trenl HoWigs ID* |

ThrrHI Carp.

Tysons ICoMr.llOp J

HWCerKKDntsZCsJ

126 W*dHldgtlOp_

58 Wsriagtfla (That).

172 Watts Blake

63 IMOteraBm

27 Wlgghn Ctoop lto j

172 WUsorrlCmlty*

98 hunaveylGeol—

Price

2M-

M

97

36W+1
67

53

283

99

79

237

M

173
497
30*4.
194

75
Z75

a

UO

76
£91
347

175 .
97*1+3
75
116
534

W2

336

298

140

148

187

173

148

UO

199

a

122

362

890

192

ea

134

102

380

260

526

■28^
100 ■
1481

97

16

535

74

402

61

527

1S2

352

87

157

32

42

66

192

76

44

334

168

. nr 1 8 h
- i Mt iCVf

taiiilio

r7

+V

WB

hi

1+2

B

-l

-l

hi

X5 LB
1£ U
tl5£ 19

5.74 SX
1539 1.4

6.H «
1X79X6
oii 4J
156 U
3X X6
R4X 17
TCXS 07

1*2.9 07
93 C 27
g3.0* 09
416X5 28
4.4 X5
L5? 20
5X7 5.4
TXT 23

160 2X,
TLS3 3X
010 % -
16 £ 23
1123 3.4
dX* 13
1 * 40 XI

17*5 J
025 3.9
020% 2X
, d4X 2J
HB3X5' L5
IWiS
1325 10
HB-faS JX
1X64 1.7
5 l« 4
71 30
1110 30
2J2 SO
70 X9
4.7 1.7
170 23

a.c 13

AS 30

3.75 —
15X5 33

ZDS —
63 13
11.93 IX
LLC 5.4
63 2X
♦7.75 70

04.75 36
30 -

12.1 3.9
62.9 27
tDO 3J

10.75 03
■6X5 10
11CL5 12

60 £0
065 6.4
7 J L5

6X lx

73 *
225 19

10 0 53
4435 13
1680 20
d43 13
915.' 22
T4i 2X
7.9! 3.4
1105 60
70 -
23 -
33 13
M9.C XI
166 30

16408 3X
LO 3.7

«1 7X
3x3 Z9

YTdl

Gfl

1286

B.9

48

M4Vf£2<

UsmFUD

161 NUrdaHldg] _]

122 MSfdCoUordslto-
276 fcnmton lal — _
*2S6Vjl60 fUdHr Chemical —

£87*3 £49V BASF AG DM SO

73 BtPlOp

£501 Bayer AC DM S0_
98 Sbgdtri indt —

105 Brml Chrtas 10p~-
m. Benzol 10p—

Earning (WX

CoadeGraw — _
lame* Bros. — —

256

136

4®

870

£208

94

880

47

365

m

322
43 ,
m *y
C13V

townv.

fcmy I Horace) 5p- — J
Kracj InLlOpr
(Do.Dctt.10p-

187

300

78

179

320

Z75

62

28VI

2*4

325

90

30

65

m ,
27^
170
79
203
498
to
100
Z25
161
-M
1Z3
965
29

66
436
565
312
11*

53
355
187
140
28
93 ,
£10*|
405 "*
so

172

2X2

93

138

84

185

399

375

128

100

185

51

110

154

105

237

42

396 ,

905

570

67

CHEMICALS. PLASTICS

126
£92
121
134
*83

107
275
184
164

26
149

108
47

137

227 158 EAHAfreranL.

£29vJ £15V EngeRmdUXLSLOOJ
177 FosecoMtawp-
65 HabieadUJlto.
£24V Hercules hKH.

317 Hidcon It* 50p-
KoednlDM 5.

, 870

Dn.FInXOpcUaJji. J£20l
[Hall Unyd M lOp ~
In*. Chem.El.

to.5pePf.a_.
b*otif lab. 5to.
Leigh iMcress 5p — I
Blgrceu HMgt.
&Mmtey(R-HJ10p-
£1654N*«lndt , 8'Kr.20J
768 >nttoipAB'frSUO]

^omlWmJUIp J

Keabrnak Hldps.

RentokHlOp

teca.Agrlclndsa_j

p«u Bra Liooo.
MpearaAdialto-J
15 m*i9vBa*cxlOpX
162 Watfle5w*vilODJ

185 WaWHdmime R«* J
56 IVsrlahinCheim..

-1

87 f-3

Pf£

22.7

293

91

8.1

190

10551
170
la .9
140
106
k4bX)

IC33J1

79
»J
!l4J

12.4

80
90

99

13.4
10J

10X

100
LL4
I L»

56U771

V

86
1170

1X9

110.4

1U

19.4
130

115.4
460

165
13.9
180
02.7

•

, 7 ^
1330
I4J
,10.4
09106*

DRAPERY AND STORES

13 WckJKrtrrylOpJ

34 £flSenelflo___?

102 I De. SVacCrCmWf ..

50>4 to«f5p

174 jA»iej ILanra) 5p j

58 tSSSSSkitolZ

5ZijffleanieU)'A' 1

87 Itledtard (Wbi) 5p
61 Uamihlto.

8*4sado Letsot Ep Up J
77 hBbKhMblto....
hflidy 5*op ira 5p„
IBOBn TexL 5p
IBremner

Brtt. Hume 5tn.
9mun(N)2Dp..
Bdrtw Grou* 50o — |
{Canton V*’ 20o
Casket ISXIOp

^ttSTuVo—j

440

14
47
237
220
204

63
35
225
89
92

15 fMrBnaUadwJlto
68 pnhmtilJXlto-,

522 DcuasCra*lto_J
270 brtdUhU9.1to
56 kflnaCddlto
92 lEnvreSum
128 JEumlOp
27 |Exewte»20o— |

72 [Fine Art Den. 5p. _

25 (Fort I Uurtlnl 10* I

140 ptornKWrlto f

145 SfrrrcICoiiieCtxJo 5p

73 UtobmdSo— .

42 iKauH (ftoafud) ]

107 KeeiCtcilUOp >

34 IGce-RpsenSp -
Wfer(AJ.)20p.

Cam iS.RJ JOu—

CoidbtrglAJ

Bokhannln Grp.— . ,

doodma* Bras. 5p I

Gntun

■S-

JHi I . -r\ -

hi

365
£06
127
Ub
90
92
134
38
225
850
650 ,
E26*J
190 *
192

fCrtot torienal —
BUS A. .

HauulOp.
Wx »* knii u mc » nMi»|

Hams Queenswn 8De 4

KeimlmlOp-
HoKa Gram 5p-

Kome Charm lOp |

to. 7KLn 199744 .
iHwcuol Leraie — __

fUxwn Vert Ito -J 1»
uanes (Erne*) Ito _(

f+Kem (Johnl 5p_ _
BXPHIdBS.

[Ladles Pride 20p

LeeCnooer— . —
Lbeny.

115

K H"

-1

to Non Vtp. 610

OlVlLiaiud Ik 50-50 I

142 [LincnAIGlBavlto.

MarhsA Spencer iu

50 tetaftwUUZOp-

335 {28 Wenzma) 1

195 ) 116 M d*tts Lett. 2to }

615 I 305 phots Bras 1 \ _ __

150 1 95 hS5N*«il0p -1 138

254 (148 tea Up.

275 te«r (G I "A"

333 purlhic420D 1

33 te*»lto_

68 ^PfpeCrtuOlDB-

54 Peters 5am lOp

1« JpreedylAlfredi.. J

125 hPrcuuon* HOP 10p
20 rtlanar Texts Sp^. J

46 Kauerslto 1 123

23 tertadrlto 4 35

95 nbMABMn'A'K'V-l 146
17 B6U Sauei 12>» . .( 30 .

33 [to 3H»cPnffls» 36 I I

US teeaweltH.) J 163

72 I to 'A' J 73 .

78 'Seas - I 122 .. I

2D3 f«h»+Dn*]to__l AS I )

195 Bimp«*i5J , 'A" [ 320 I. .1

162 Smtfi<W.H)A5toJ 278*1+4 I
42 SstauleyiA. 0.1 Sp— 4 73 I....1

h!3

hi

-71 L 4

LI ii

4J7l 10
13015 I
lid p I
5 75| 37 I
tsJxoi
2s!x4l

90

14.7

I15L6

470

235

330

169
220
139

15.4
270

155

1480

8.4

llTJ

260

170
106
8.9
1110
160
93

31.7

20.7

IB A
10.0
23 -b
208
93
180

95
17 9
UJ
170
0

3X06)

17 5
,80
K527)
19.7
120

U0

19.7
138
1215
150

22.7
46
13.4
[206

45

|1X8

14X

173

1214

♦

90

29.7
[22^

*

2SJ

87

L8J

1290

136

[260

100

346

186

13-7

209

247

[1701

>250

134
24.9
1561 -
3.7 1«.3
80 190
35 1 15.6

10 f 0

26 Il50
26 180
4.9 >205

UO

113

106

V

SB

170

54

&

212

38

460

230

328

73

148

6X0

054

187

175 AS E*nramc„

28 A.&G.SKOe<a5p-{

% AUS Inds5p-
28 McmCMpacrltoJ

155 fdUrCaB

97 JAisX -nrre 5p ...

IB 1AarrElfaCaaB5p-|

64 AnnMPSp
141 Mpa I dH'«ratoa5p-i
112 tDo Warrants

48 Oincm Coop lOp

24 &iaHKW.'A , HV5o_4

30

£2*ViAS£AAB 'A’.
to'ET

303>jj 180 lAtbatic Cnpmr lop _j MO

8 [ 2Vku*o*n»ic2Vp

200
300
US7
18V|

474
380

96
207

97
30

122
21 2
307
250
165
64
•652
377
220
»

225
7

20
133
265
143
490
lbO
80

oov]

370

58

220

US

104

IBS

140

40

447

220

175

640

182

98

128

•15

156

■Wd

2N

350

200

87

150

ZL5

127

50

DRAPERY & STORES— Cant.

TTVtSwd.&Sm'A' —

58 fStcmberglto

65 aiir(rigGiPH»2Qp-
HVrShrmiard lOp ......

“ - 20o

Sn.Up-4
T&SStiretSp.

tWmcn5o

'em Gram

ftp*, ito j

!**e lids 10 p — [
ito.

■J'A' —
VlyeflaZto-j

Gnu*

« White

Edl U. WJ -

HMssSOp -{
£106 | Do.ffzSCUl2a»J
14B iwirt a Leather (to J

ELECTRICALS

+2

+ or

Dn )

YU

Net leer

Grt

04 U

64

-2

1249 30

29

-i‘

tL®| AD

10

_ j z.

—

140 42

1.4

L2M34

23

♦is -

30

-2

B29 02

7X

1 1407

30

-3

—1 —
005)30

5

+4

120*27

«0

+2

3 2

5.7

1509 20

20

10 58

27

n20| 00

30

+3

1+7x9 30

22

+1

gii<u —

(67

r

sis 30

20

PTC

146

106

10.9

!Z70

20

263

38J

10J

7.9

:150

66

42.1

140

1234

h5

fBmart&FlMlOpJ
. rlto.

JBnhal 5p ,

Sec. Ito _|
Tetocum—

Ba. Kent.
•h-Sp..-- ,

Radio 10p —
PlOo_:._

Bakjm

CASE Gram 20*—.
aLMsnnysamMp-
CP5 Computer 2toJ
PU Conpom 5pj
yfiWirrt«5to 4
rBK.
t Europe J

ruteCrp. J

TVk Cm CorPfJ
rsiHhW-
00_—
HOP 1

HHgs.5pJ
MKrtmey
I Tech IDp-
jrtroehE]ea5pJ
pErtramc 10p_l
palate Sp. —
7Teo*atogy 10p-
>TGram5p-

l Sec Alarms 10n~j

EiecLlOp —

rfacfc

i Ind 5 b

98 [HnnUEOia.

14 IDewlant 'A' lDp_ — I
245 (Doan* Pnut ScLSp ,
n, jDowdl*4 S U. 10p~~|
iHldgs Sp-
it5p-

h?

-2

ElearaSp—

alOo

HmselOp
Dec. Dm Prog. Sp_
Machne-
1 Electron* Rentals —

2fe3M 153*j|Emess Uphu*

QbaEncSSOB ILMJ SK50— j

260 Eurori*nnlM.10p-

39*a<TKi Elec Ito .

Ito [Faraen EIk Sp 4

52 HfeeiftachlOp-
teerranulOp-

126

395

173

335

220

113

155.

325

400

a

235

420

970

127
400
480
95

370

TOO

60

74

£34*jj

90

13

133

490

102

280

305 .
KZM

240 ,
£37*4
145
445
180

163
£330

57

45

£164 ,
074
205
180
77
212
233
260

164
106
143

80

107

288

035

120

3T

128
395
194

133
2»
170
132
500
335
210

92

107

190

08

140

197

22VJ

245

-U9

32D

(21 Vj

545

265

320

400

225

390

484

134
185
155
365
260
307
350
265
352

«

253

143

172

64

100

325

188

20

40

300

222

k30

110

1 44
142

194 ■

■aw

253 H
175
108
■ 32

lul

1127*7

cw*

b*3B

255 ■
■10*7
1381

Sttneimal

Myra 20p

£21 V Mutnrota 53 —

30 hbMane Elect.

56 Miaray Brctroaics — I
87 Moray Tech. Inn. —

268 8EC Corpn YSO . — 4
76V NEI.

175 Nemnvli (Lu*U-
115 fftorhMElK5p- ,
£26V Rur4 Deu **' 4X20 J

UD W uHlunto 5p. J

E1BV Ho TeSecam II
27 OcraacilOp-
hA*dlnamms5e-
125 FPenoy & Giles lull. .

18 FPenoamlDp

|09O PertnuOwrlK— £330
42 Petto* Hldg lOp

24 Piwouilto
£96 Phfins Fta. 5V% — j£164

OOV Phaps Ln. F10

UO Pdco Hkfcjv 20o 1

115 to.%'2to 4

25 IPIasawlto

116 PI mej
160 mdlMdracEMtoJ 105
110 ♦Ptraeifuielm.5p..J 137
66 Pressac Ito.

39 PrKtWd. 5p

Fusi Castle ito- ,
9* Scanty Ito — j
Forward Teto —

Fujitsu YU

GECSp

♦Godina Wanreo,

Gan ng Kerr 10p-
Grawenor Grp. |

HfBEhe.Dwn.10pj
Hugh land EL 20p ,
HicmenidcELMB— 1

iBLlto

13V fledet Group IDp.
140 rlHSTEMlto — ,
hn.Sm.&Cait.lOc j

tones Stroud

HCewril Symra.
Wtau*-Teta*5o — |

Codeia

RPA lahsMet.. ,
VLPscrLabSAOJO-J
. Lee Rdnye rotl oQ —
Le*canlodSaQl.

Logtca lOp 1

LorhnElec .

+2

P?

MK Electric —
HI«TCon**«j5o~
HtrarocttatrfclOe-
HeBerwpre lut 10p _
t M e m am IntL Ito-

MerneclDp —

} M i — i (snyrir r Up_

UrcraBusSysSp

fAlcrafikn Htpro — ,

Men Font Ito

Miao Scope Mb —
Jicragtn HMgt 5p -
fUninttaselto-
(tt*rontK5p —
Miles 33 IDp

1-3

I+-3

h25 -

80

33

30

10.5

1J

18

*3

80

R1Z3

50

14

19.7

50

18

3X

745

iai

73

08

73 3

6081

£8

4.5

1L2

10.91

20.1

0.0

13.7

Ti

70

19

62

O0S

30

33

91

«om

20

41

UX

*014%

70

4.1

12.3

huh

80

10

128

1174

7.4

11

13X

low

1.7

57

13.3

Q7 1

SI

79

17S

H0.43

70

34

711

15.41

43

17

701

90

79

14,2

1 ?!

38

19

15 5

*6.!

20

4.1

150

2.5

90

4 2

ms

tost

1.3

X

17.3

12

(iX

1.5

15.7

010

44

in

27.9

135

10

u

90

L4

56

14

140

Lt

♦

SX

*

69.5)

79

22

17.3

170
— 1

20

14

133

♦

-

=

105

70

30

62

«D

9»

00

110

11!

90

40

40

4D

47

17

70.1

111

28

7.4

19X

L10

♦

39

9

12.41

30

15

763

4J(

3.4

3.7

94

—

35.9

11

70

10

17.7

15

9

23

1

40

06

9X

mn

dOUSa

4.9

or

779

BIX

4.9

17

120

3.3

9

40

♦

105

33

4.5

70

11

♦

05

9

hl>

2 2

50

17.7

36

40

14

75.1

2J

4J

7.1

13.1

R77

4]

78

119

15X5

95

10

72X

♦3X

2D

37

707

«L6

47

l?

1118

0.1

21

16

MU

122

ID

90

161

•50

24

3J

263

v0)H%

•

9.1

♦

475

9

14

9

tO. 5

5 2

19

188

tl.l

4 +

IX

740

7.75

IX

6X

1A8

1X56

42

16

197

t»2J2

3.1

10

190

*30

20

17

133

10.9

MU*%

71

0.7

199

T4X

3.4

20

150

tZi

4J

L?

201

10X

♦

33

♦

SX!

L7

86

R.2

L25

2D

20

23.9

25

ID

14

113

to,

5.1

3X

17.3

BIX

5J

12

16.7

U.l

—

X

05

17.;

0.4

23.9

7.0

06

260

t7i

3.1

50

70

11 2

43

24

140

(U

91

08

180

*UM

12

£

3*0

43

7.7

12.!

2X

7.1

7X

ta

3.9

2J

03

123

Hi

6.7

L3

163

10J

25

40

1X1

4J

30

30

133

u7J

31

3X

98

3.1

40

5X

62

3X

3.4

9 2

36

192.4

4.9

0.9

330

173

25

10

17X

IS

40

00

173

—

—

543

103

40

1.9

140

*0

4

20

•

3D

40

20

9X

OX!

67

78

70

£73

08

12

17X

LO

*

20

9

QW.64

25

1+2

6(271 08
01 4J
05 0.7
013% 19
50* 1-3

tuq

r , «0 70

MI “SA

040, -
07330
96
40
L7

07VHe
198

Procee Sraems lot

kbMAntolto ,

Ttoesiellto UO

|RacaJ Electronics ... j 204*|.
to 7oeCrtji 2007-14 j £«

MvtouOpIO0O_j
hfari TeK^CoPL 5p

ihufteilto-
5CUSA Inc. SO 01 — |
STC

69

Sarasota Tech. I0p- 1
EScwnromclOp
Schofrt IGHI__
*Secw.Tag Sys 1 130

fSwmedCsmTltoH ~~

Sharrackldp
JSigmei Ind.

10*.

72
32
155
UO
£76
75
13
40
250
140
70
72
60
68
380
80
160
70
83

ioa .

aov Sony Carso

a SoaPdM«n.5p

138 Stone WJ20p j

5 Kurdenh Elect Ito ,
170 PSyumse Canp'r Sp J

74 SyttrnB Depgaers — [
245 5yst»nB RMty-lto J
£MV TDK Carpi- YSO — J
105 PTOSCi “.

163 tfelettmpMMglto
239V Ti

93 Tettmetru Sp

168 Tere. RtttUh.

IB3 iThermul SaCMflcj
300 {ihorrEUI
97
147
100
ITS
158
173
237
155
244

&

SB

75
40
51

220

Do7KCra.n.92-99J
Thorp* IF.W.I ItoJ
TotofiaCnrpn. Y50.-j
Tatsuil Telecom 5p
UEI Ito

UatechlOp

UM«d Leasag 2to -j
I1 14 Saenuflc.-
VG homnena lOp-1
munniiv FIO05 -{
Volex Group — ^
IWayne Kerr IDp
Webber B lZ*yp_
Wdu Select 20p —
Whswntb BSp. — —
INbottstt FMg M)p -
58 WwWn5to-

3 Myflytlto

15 IgZygd Dyaanea Sp J

142

54

102

to

220

II

53

280

UO

132

102

210
76
86

1» ,
03W
46}

'SB

2X5
108
320 ,
aoy-b

360
U0
ns
no

IBS
360
07 ,

183

139

250

260

255

250

169

3S3

85

7S*|

54

85

240

94

40

17

i+l

-2

+2

-i

L4( #
303 3.4
7%

R1J 23

420 1.4
10S bJ
T4J 20
«U& 7 j
S9X X7
2311 29
11271 33
200 20

H2.7S 34
TI3 25
*033 ]95|
BdLH 3J
088% 70
0.42 50
14 J( 19
dans 2fl
RdXSj SX
1H0J4 4.7
, 1040 35
M^J%9.4
4f 4.7

non i40.

;«UL34% 16

dxn 86
ibis L8
I4( 36
19175 XO
7% 286
3.91 52
014%) 3J
165 B0
525 23
1S64 25
136 63
5-7 *
111 7X

175 25
uli 40
23t 9
27 9
151
16.7 3.1
10 93

20

191946 .

High Low. Stock I Prim

36 lOrjiswA lOp — ( 66 ,-J I

2VirmolCh.Shnilto j
110 Bm.Sto*2to —

24 SnmqroreMsSp..,

lOuiittn El*- Ito

23 Tfj wke Tool 5p 1

H

7

174
47

19

•35V|

*297

172

20
293
64
8b
585

43

142

540

83

92

57

31

80

173
£285

74

127

207

207

215

60

175
87
94
90
72
31

U4

76

61 toyniSun5to>~.j
380 Q*entA)2qp..

60 tonccmrklOp
52 xwklWnJ [SkJZOpJ
21 Cooper iFr) Ito— {
ll Cdooer rods, ito
30 IranTte Craap —

UOyCrown House— ,

a48>! CmaiW 78194 1

40 MAMK-flOp —
82 lay Cap.—.

UK Jem Gnu* —

10b 2«tlend50p —

133 Jeioutter Bros, .

21 Onmlcbraelto
109 to*o(HUgs>-
51 EttaB (8.)

K7.7?

[465

14.9

1X7

19.7

[228

e?

193

,50.4

50

103

U0

B.9

9

180

210

20.1

20J

, ♦

14.7
153

9

163

167

17J

220

1X4

13.9
SX

9.7
18.4

10.9

220
[200
8-0
,190
1X4
0.9

87 toW

37.4
28X
43X
n 0
1X0
69
17X
80
63
130

, 33J

1WJ1

9X

164

170

1206

164

84

♦

27.1

[HOC

135

•

IX*

40

ENGINEERING

287

-3

IL^O.9

50

MB

198

7X§20

50

120

383

7

♦3

20-Qj Xb

7.9

111

a

-It

fare) 5J

20

88

135

-i

«xm3X

14

27J

187

+i

rtSlx

u

him

22

-V

— | —

—

—

2S2

146JH20

30

13.7

Z75

+20

MS Jt 20

40

US

108

+U

14320

60

90

31

tL3 3 1

50

6.7

me

+4

1W *

51

A

122

-3

1+5.7SX2

67

92

06

-V

OMd -

29

—

41V

+V

- 1 -

—

UJ

355

+5

1X0| J7

40

80

8

-V

- -

—

—

U7

1+5

♦91)03

♦

—

317

70
164
1»
228 ,

■s*

82

29

180

104

145

32

77

269

56

86

71
39
3?

360

84

68

385

231

112

73

84

IBB

21 HktmnUoh*)— ...

13S pUmghito ,

oFjMflinnus.

S fPCamseal Inc

168 EaitaEng J

3B>a Cestogs lOp —

48 Chutterfin&Ha

40 ; *nucr(S.WJ

57 FHe induar —

27 IrthlG.MJlOp —
21 FctkesnivSp— —

84 iEI la*L 20p

56 EartarEug-lto

tomcdML -

Grceittanfc Grp lOp -
GKN£1.

dnbH PrirchlonSp — 63afL.

Had Eng. SOp

HaN (Matthew) —

.. HaltteSOp —

19t, Hauwwn Ms. 5p —

360 Hawker Sidaetey
58 HiUGSanth
12 IH ctam SP —

102 Haahhmra Sto-
66 HowdmGram-

89 (Ml — .

UV Wnon&FMUpj
42 Jones SSNjman..

141 laird Grom — — ,

84V Lee (Arthur) 12VP- »J-.

32 Lloyd IFjt.)—_—J 57 pv

HI VfLoiier rn 5*
aw Dq-'A-Sp-

210 iMLittidhip

35 [MS Mend lOp — -j 84
52

EutuK*r2to 1 385 L„.

112 foKetknieBm..
59 MeggOiSp

51V PetatauSo

55 MhdvUSomXto

126 Mim
25V{ 9 (eepseud

202 )U8 Heffl Uanm) _

144 f 79 tems*-7a*ta
im I u

300

15

265

151

164

145

67Vj
63
27
220
136 .
OlVj
157
59
35
260
UO

280
138
184
405
207
■SI
420
84

163 . -
O0\J 450

•90 , _
9B*J 52
37* ~
41
363
140
310
45
212
168

« ,
83V[

81
23
125
112
22
40
. 78
-89
580

lii*M*Tuadlto — 1

Fa Norack Systems see Industrials

Financial Times Thursday February 20 1086

INDUSTRIALS — Continued _

S?'u«l Stack ipitaf -T

.fl.ilEF' 50 - ! i5{ : iSAliii

!+•*!

+2

+2

3

Hi

226

189*1

70

76

162

24

Pi

2S8 (Pegler-HaMrtey -

102 Porter CHnd.20p —
8 Priest (Beol Sp — —
125 DoBpcCraRedPrl—
78 iWP

81V Ruraouws Sfarn —

100 tadlfh IG.B J

B*j Ifdim IFra* lOp.-
44 teneM.

36 Ricbards (LettsJ — .
18 fedmdwWMLlOpZj

37 tabamsIThaO.

105 RotaklOp

j372

ObVSKFABSkSO.

128 SPPlOo

42V Sra«e Gortw Mp-J
18V Sema, EnrtlOp^J
180 SmmEai'g- 1

83 JOOGna*

ZJ Smth WNt-50

130 Spear&Xofcsai

35 SpeacerCtark20p —

122 Spiw-Sng

282 Stanley bah-O

113 Sudiert&PittO— J
331 FACE lOp —

214 H GrnupO —
yr TeHosZOp —

60 TaHIdgilto

nvewnDmlO-

Trlpiex

[tyiack Turner— 1 70

27 TyzadtUV.AJlOp- 31

18V Utd.Spmglto 39

212 indonO 363

80 YJetor Protects 126

142 Vmer 198

9 WAHMgtlOp 31

90 KadkMSto 210 ...

120 MragnMoar'l— 167m .

10V HMherfC0 WJUtJ

38V Nett Grom

41 toltoeCraPif

SVWettnm

32 Wesdmd

86 W*cbw — — —

ir“ KSdil.kSl) 3T

396
242
12V

215 _

151*44
+U

(+1

164
132
15*

64

68

" 1+3
156

.1*3

mmJ-

31

158

142

%

417

n

168 .
oaJL-

39 .

***

a ...

^+4

Sr""

n ......

•fcf

-2

-i

+3

n_! Pi»9

ENG IHEERING— Continued

• aty •

Ml JCVriSrtjPtE
t20| 30 ! 43 jllJ
5

174

47

3X^-

a ..

0634+3
146

59 -V
U
280
58

T60Sl30 ! 5i

’i-

L2S 9

U25 24
1H2JU9
33 30
135 35

(7.75 L7|
Q3W
201 00
3 ffi 22
14J 4.7
16J 20
16.4* 3J
MJ V)
165 20
ZjO
*3J
635 24
10.4 39 I
dlJ 2X
505 U
3J 2-9

190! 19

T2X Lb
1105 20
1.75 20
1701 2X
63.94 2.9
90 Ll
10X05 2.9
ULI 33
30! 6

30 20
H I 23
4M9I 1.7
FO-75 «
1H206 30
1305 L7
7.1 10
OX XA

N7J0 2J
t^Ul

50 •

20 119

4.4 «

3BK70)

(f\
<4 ■

143

145

EiaiJ 716 |ErofGro*An«»

lib

35

372

42

30

300

447

87

405

IBS

168

LSlljJ

343

2U

403

87

528

£237

12

7

48

V*

184

•g*

116

-330

3*5

•438

300

183

103

175

2?0

J2 lAog.AfnwnOATVP^

sess«*3

lyjArmoer Tnrst Ito-
14 Vwtfylai rsL --

Iff) tooc Brt Ports

18 »»*ac Ei*r«5p... .
303 teocHeatSendcn-j
165 KSSics«eMD«al
109 fea'ySMaflrieylto j
£31 Jtow AB S625 — j

a? ItopRoWfU

51 iBSAGrt
278 — .

M) BETEC

[Q»

327 JawdlWsUO-l

5*i SanSeylto

6 DO Ptd.Ort._-
38 S*™* NapHOL.-
881 Baae»Trar.USn_,
24 bpwsfOBrhaflto— I
137 ffeotsu Ctirft..

283

215

30B
375
276 .

57

51

ISO

181
. 507

144

227

175

80

SO

38

TO

60

91

60

- - l - 11X4
08% -
40S *

1M.E 26

35 50 1

ga“

•skua

04

60! 8
101 10
N2.71 30
H05 20
010% #

iclot:

2X

166
znA
166
375
272
126
687
1320
260 ,
•iH

300

201

128

195

60

109

*55

83

40

•69

176

BO

182

Z9

163

UO

180

109

315

£31

285

59

150

08

271

109

310

90

220

850

226

215

85

175

608

29

92

244

108

638

585

135

230

U4

168

270

B2V

304
17?
138
875
040
187
460 .
£3Pj
340
144
170
157
106
108
35
105
«B
SB
323
£255
Z38
24?

134

157

4rt»dGm«P_

... An. Brh.P4s.5p —
88 . Ast Fhhertes.—.
,555 AmaGrem5p-

(£175 SSNFrlOO

195 a-talSttueyCJ
6 barker ADctetn;

180 Sarr(A.GJ ,

133 Bnett Foods — . —
65V Batters 10o
139 Betelto

FOOD, GROCERIES,

|a 50A4IFT Gmop — 141 *
EpheSoHDlOp-— O*
pWttpttheelto 136

2.1

B

1L2

235

*108

39

U4

102

65

153

i-

86

290

U

102

325

1B3

73

360

122

¥
96
29
456
268
73
385
81
305
140
483
42 ,
252 Vt
220
940

80

Henan Crta*» Ito
lenskud (S. 4 WJ _
fBio-tsolitalto —
UaoBMCoafK —

H rnunuher In

)nt Venks9l% —
tofa*ySdra*s*es

35
132
17
60
10
37
131

50

108 ton's Mite*

24 CtonOers & Farris _

120 K&eteroUrfoodsipJ

125 Orffottfs Daeles _

IM DO. “A" tt-V

9b Knroradi Mid 10p
IU Cullen's HUgs Ito- J
£Z3Vton&KnftSL00
149 Dee Carp to — - — .
U EngtettUE-lto-H

95 . »FII IrSp

92 Fitter (A.) 5o -

193 Ftali Lorefl 2to ,

60 tFieabrioFflodsto-J
ZU SiHsGkjr*r5p__J
48 WMialGrp.lOp— }
142 GwnsZto-T
198 HailewoodZQp

161 N Maras lOp.

243 NtfsanraHUgslOp-
5b HameFamlOp

Hunter Saphlr,

icetantFuaenlto-J

Hsrael (Jack U4p_i

Jacob (W0RJ

KwdcSarolOp

Lees (Job* J) Ito—

Low(Wo.) 20 p

Matthews (81
FMaybew Foods 10p .

Hfeudra ftrt ftof I*

He* Trade Sm. —

fitorris'u(W J lOp

NKMSlVIMo)

Womaus Group Ito—

torttern Foods

l/artn Pit Up—

Far* Food Ito —

Premier Grp HB.50_J

JouttieeM.SOp—J
iUewatSU&t.
SahohoryUJ

uvP-

153

aU-v

182

Sahresm (Onsttan) _
FSma Catering Sp —
6SUhm Food lOp —
KuewmCMgelOe.
Sampartex.

Squirrel HoJ2VP— J
Ku*er(a*<E.TM

Taei Lyle El

— Ta mil ftuL2to —

,161V Tern, to

1075 Du IpcGriJi 200207.

141 Unmtr

163 IMted Btacuus.

Do Warrants- — J
. 90 wacoaG Piei* Ito J
£68Vl E39*WrtaaatXon)0FI20 J
140 \ 78 HWM«*rmFood5pJ
115 I 53 hWrtl So-

l-2

ETC

12-751 2.9
XI -
40! 4X
UJl 20
15.1 30
30! 20
110 ! 20
uOSSK 30
flOX 30

m

805 9
16.7S 10
k2X 3.7
3.73 20

10^14

5Z1
dOJ 25
UK 3.9
5.9 LB
d30f 00
60 20

R305 20
16/ 25
tt< 25
R5J2 20

auifi
75i 19

H ^ ZA

tUjjz4

»»JX4

2Xn 2J
R3.7J L9

wig 2 0

■2.73 30

W3JL9

22AL9

^j30

tUZl
itaa lb

, 5ffL4
03*02 «
d2Xj 25
u2-3 2.7

73

A0(Q2D

1 48

59
74
48
92
86

15

60

36 «
181 Vj
114
£21 .
£14U
12V
£29%
310
240
X57
WUj
172
162 .

"269

142

1*8

408

42

36

M5

103

ZZ7

1»

500

46

147

1X0

UO

45

.114

171

90

290

122

129

933

BS

198

312 ,
lbVJ

292

■174

088

112

152

195

61

163

235

114

395

aV

120

38

63

170

12 a

92

470

120

B3

271

262

240

rito":^ i» }::tJanl5il

.*cusn ! Cl# l-i* I

♦MM

03% Behan t

U SeM« ito-—

73 BcrHhrds..

100 Beipaklto

265 Hearten-—.

81 Bestwoodlto. .

220 B*brU.) 50 p-— l

MO Strife Http. ..

60 teteiLMUp
75

^iok Arrow 5to>
(PIHMgs

-3

96
112
90

16 SmSM.'A' itoZj
223 Booker M tC —d ..
185 Boat (Henry I5to-
162 —
U4V Sorg-W.USS2JO.
215 ffowater lads O-

277 _

Up.

26 BrldfWd Gram Up .

9b Briden

99 BrWptt+GSto ,

__ Brit Aeratpace Sto-4

212 HMt. Btoorideck-
78 Sitt. totfea 20p .

BrttehVHi

227 LH.Prap.5Al.

121 Brow* Tam*.

50 ****** (Kunl.

M.&llerv.

18

AakWlflp —

17 iHtolnea Coop Ito
77 hcCABaflertnltoJ

— . 40 CHtatestttlto— P

*20b*J 138* ICSBA51

115 KVDIuc. 50.01 —

32 lCaaiaaStlM20p

27 Camroforfi—

92 Do-UacCraPm.

92 DatocCrPfO — J

32 Cape Inhtmitt-

108 to. 80 k Cm Or PI— j
-20 Motor) 20p —

«V CM.Sbferwd.Sp— y
U Ceorewm led ID* — 4 »
65 OmablatPh. lto-J 70
16S Cooler Qua 2p_ ZJ —
8 tOmnteal MettD^—J
123 PCfetaUilsHaS.

Z10 CtesHtslM.10p— J XU
73 3arfc« (Cttmeatl. —

40 Johi lads. Up—

UD MrGnm

98 I Cokn ^fl ttcSO01

in tend

7 tonhtaedTecblto.

42 Koro*ftMt5p -

20 toM. Staton) lto-J TO
230 telanoSOp.— -
135 teeAttmnto

56

210 tertneyPspeSp— , —

31 towmteGit.Up_| 7600+1

159 S«aj Z3 38S 1

80 DestNfcMIOp— — J MO
150 bPCESp.

22 B3CUh>

725 PtURM

» Petoey GroUp 86 ..._'

CWde HesIto W- ..;

DttHn Park Up— ]

74 Do*iHldgs.l0p— -4 —
_ . 74 DaoUoi In. 20pIH| IM
£38W QZ\ Surer Cop. UStl
35 Dufay Bta-lto-

U 1 ^faSmUpII^

65 JymU.GJJ 1
65 IDb.-a-

146 OS

, 30 P£tecoat20c- — 7
2MI- EroteniProd.5to--j
11- lEcabrtttfldsLJflM
8 Do-Dettito-T
15 EtelahLSto-

27V Ettietlto

120 EMersIXLSAl-
81 Etta Up

003 Bettroha BXr25 —
865 BkettASHKSO—J
64, Etarid Hopper 5p
£18% Eteun Coro-KL— — ,
214 EasChMCtos— J

157 BptoulOp

78 EnkneHume— _

£28 Eaette AB K50-

11*V £m Ferries ,

101 Do.5%R*d,Piff.J
93 Do6X5%C»r Pref
131 Enred

104 EvattGrp

90 Emmet Im'I-

276 Exlri

22V£atam ink

26 Feede*A*lc. Up-

105 FrowUMJ ,

U tFamfaraak2to — I

130 FeromanW.- ^
aH^etttWMtot*.
2E6>teK-

12

105

66

58

20

57

131

43

200

*7

64

SJ7

30

84

148

nv+v

7M-.-1
I 332

:i* |O75*^50 15

T4 30 80

-1

hi

-x

ft*

Wn

-ll .145920 30

m-

166X3 50

, XM2.9

...J 20920
I 8jpX
[ liflU
..MElU

1^30

cSulLt

^|0j40

a _ 2.4
L5 82
20 6.7
20 71.

+- 20 -

♦LB 10 1 40
1X3 13 1 26

2012X7

SJU07

sr

65 210.
6.7 IOA

HM
J ~

I 170

□00

mil

g'S.

+1

w

Fitrwifton.

FMttCHmiBZSOiJ
Ffcn«aC&W_
HtoMlIttOJO-
FoM im Ito — I

Fomrty3to ,

FodttigUI Haney (

: rent}i (ThosJ Ito— J

WUHktasl

Mmrr

EuwaGrp-Hto-

GteBSto-

1+1

xiz t+i

zu

06

376

31

158

*11

137

95
J62
332
460
*3»

96
28

119

US ,

127

42

«a

73

164

Z77

49

43

188

24?

342

6SV4l

HOTELS AND CATERERS

MbfrteeuSOiltseSp

FBreabmielto
KnotsSp

48 Mleau PartrHotett-J
15V*piofe hldyL-.
101L GarfutriehReft, lOp]
Brand Met 50p—-

btua Letter S*

loH EntennsesZOp.
(rrardrBmkestto-

LrdMhrlto

Lm Path Hotels— ^
_ j ttUMuaa-lmsSto-,

75V Mt Charlotte Ito J

19V NwfittCapdaito—
Wmcoi Hoots 50).
Prlnorof Walo__]
aeernMwtto —
Oa.7peCw.PLO_,
Pyae HottttlrSp — J
bewoy*W*Wp-
SuenlOp-

ltrusd*meF(*ie_ I IMeri-l

[+14

u2J zjj
♦HU 36
HU 90

^ Je Z| =

IOC ZB
, 9042 qjj

®Qij% 10
X44 f

tm 10
T47K 11
«2J 80
112 30

0-3 ♦
o2.4 42
10 20
*155 ZJ
, 7% 120

Incan 9 ,

123 7.4
L2 31
549 10

hv

215 ! 119 [AAH

INDUSTRIALS (Miscd.)

£20% 925 |A£AABX25- CUV .

256 175 MB Research Up- 07 f 3

124 92-Umup 954 . .

130 35 tenueCnn 61 .

112 70 lAaransun Bros Ito. J 87 ..

, „ i tor Abbey see Mfuiejs

111 91 hWfeytreslto-.J 182 T|

58 I 25 l Ab w tny tt HMgc. Bp. 1 « . I
275 1125 UUnaoaWtaietrltoJ 2M |

215

1+9

117.1

«

6791 10 1 40
w016% ri I 20 , ,
160 12 1.4.3 bsiB
d5.75 10 80
♦2.8 31 60
4J * I7X

10.7

69

9

w20j • I 301 *

450

80

295

SI

310

133

UO

490

168

Z70

178

63

»d

124
230

125
365
1»

31

91

172

61

300

42

82

44

2ft

51
137
84
165
390
160
41

290

ISO

*7

88

«

595

123

107

52
77
09

, ISO
015
35
695
170
17
87

Sooutw Hlds.

Iraraptar Hdgs— ,
- _
7Vran»i«6efl Gp. 5p — J
255 teteaup.

,133 Hanson Tm

1 036 DatocCulA.'OUn.
90V toLTSpcCwMrtPf —

92 Harmans 2Cp

128 Harts lPhJ20p

3b HmarnSp

« Htove7&TZto—
120 HtoHock Eeronlto?
68 Hawtty Gram SO.OL.
263 fHawtal MttHIng to

13% Kwttato

70 HwOtonranJ 10p_j
O HtateCveSensT

m SSKssrq

SO HesBtr_

56 Herah u

270 Hhtt-Paln Sen. UpJ
75 •aadB.HjdraumXpJ

62 HoBtsZVe

85 HuutUr 10p —

67 IflafnfirtAaKnU

197

tdl.7! 10
tQZOi ZA
. 3J 22 1
*030% *
815% • 9

n , -

«! +95

238

lEKSSSj

35
170

200

« PtertmeM KKS2-.

97 fJnhosraS Jgrgeosa
<16 InbnsM Cleaners.-. J

“■‘■teM teheyaj
161 tohnstonGrtLlOp..

114 toenttaCTJUp

48 Must

23 teteamlto — 4
a KataGro.

72 Keep Tnal

in tttteytnk

SO tecrilaab

tttttawUU5p— J
80 Oeen-E-Ze «Op
13 UWGfteplto—

60 HatOowThoaisaH.

87 UnantHttgLlOp.

25

W ■wCramZp —

29 LHecare (ML Ito.

62 ^hesbao (Op

S P L h n oge i Porcelain .

99 Lcnfoafamflto

175 LondmAMmu—

S. to-Dtt.

WjLm.4Hton.6rp.

87 LflogtwhWs,

157 LM&BaurSOb.— . «
85 MCDGne*-. ^ *

.2? MYOmiDp.

lft U’Cnbyfh.Zto

87V MadarlraeCp. ,

34 teettaoKOAtnapI
Ham&aCram —
♦tteranet HBaUto.

taL?“Cma-|

™Ny..smi

tertogHkLlOp-

Mj r**b L'xy. *A‘-L.
MMwn'i Ihteenal.,
to TVpcCuMPmJ _
■toto (Rmaw u|p

IP.

h-12

-i

hi

+1

hZ

. 143 30

.kuixn l 9

W23t 17
, 32 3.7

.teUJD 40
dai •

402 10
805 13
'208100 I

7^39 |

10 •

3X 20
hlDX 3J
ZD 40
♦50 10
♦7J 10
1CI0S3.4
[lflX42|«
MAX 20
8BK 107
5.759
t*J 20
17.7! 10
11X6 2.9
t* ( £0
«J 20
1106 40
L7.( 9
OJf ,♦

30! 2jJ
tO-73
21 25
16.75 10
30! LOt
24 3Ji
4D 07
(B0! 151
6—
t2J

1TX 40
, uXJ 30
Ts£fo3e 33
LS2J
|Q2J5d ,

■ W 30]
«L25 -
U23.7
• +Ld30
R3J 23
61 24
tUk 20
Si 20

18 Jt 10
Z&J —

17J 30
60 10
6L7t 02
M 0.9
uOJ 10
l43f 35
82 9
(Tf —
au 9

it 08
035 53
10 ! 20
t3X 40
M3 40
IU 21

20 2x1*8

13:9(24
HS L9

f 5 X* L 6
3X 3J
IhBX 43
130 3J
«J! 13
, 4182 23

th2K 3X
1X7 23
24 30

sS L6

3 - 7 ! 12

rtL! 54
t Z.< 4.9
m Li

167%% 23
1725 30

.. M ^

R24U24

173

IB9.7

40114.7

IMcb a tt em be MfeatA ptie« and net dMdtnds wr la peace and
dmonmmom w* Up. Enlreainit redcaemrengt rate juJ nun am tort
on total Haul ripom am accounts and, aMrtwsmr, at wasted do had-
l«rti Ug m WE» are n J rW i iw a tn l W" doMbollw huh. tnmingi err
dure bring competed M profit after Mttoo add ont eU ev e d ACT rtn
appteabl*; bracketed Agrees «M« 10 pro cm or more d Kmtt if
eatalatetfw’^flBtrUimn.Caiciiaro based on ‘’a iMMu ard iar ei ii on;
dm mo ae i non oimdeM can m proto after m ut t on, exdudbvg
nropuoBl pr o f im wen ta* omdiag elbowed at m of nflmabit ACT.
Yields an las«d on middle ome% are grots, adjusted in ACT a 30 per ten
aod anew lor nine of declared dmituiion aod nghti

• “Tap Stack”.

• H*d» and Loon narked Huts rare been adkroed to allow lor rtfnxtBKS
far ash.

t Moire dm Inc rea sed or rnaned.
t Intrvtm Utr Ttoncnj, pane) or deferred,
tt Taficr re noj-rMiomn m ap p uo wo a

0 Rare*! Or report atoned.

V Not officially UK listed.- drotmga para Wed under Role USHHal.

# USM; mi Hsled on Stott EaSonsemd company usiWtectedm same
dryer of regulation as feted icmftta.

n Dealt In ander RUr 53901.

$ ftfee at Krer of saswn/on.

1 ome ne d renderd after pemkng scrip andorrlpfa Issue: c o M ri rtoci ta
re e n ow o re taind or brccaa.

♦ Mwgei tnd or tcoeganKailnn m progress.

A MM comoaratde.

t Saar tacrine reduced Anal andtdr redaeed eamm® indicated.

} Ftetcasi dtadenifceoiier on esrnwgiMdatad^ West weeta Basement
1 Cover adorn lor conversion of Ware* ren laotoag for tPntaaas or
raofcUQ any lor restricted dhrtdrrd.

X Cover does nta Mow For dots which nay abo rMc far dlvldrod at a
h*we Owe. Mo Pf£ ratio modi prodded.

B No par ratoe.

Ur. Batgf Francs. Fr. Frew* Francs. K Yield bated on awamptlon
Trarerey BW Rate stays nn t h reiged uWI reatorliy id *gtt. a AaW M
Wstdend. b Figaros bared on u tO Sp eC M or olfaro o®*r ritlmda c Cams,
d DtrUfPd rate oald or payable on pact of captut, carer twred on distdend on
tab creacpf. • Rcdenpuon yield f FM yield, g Asremcd drenbmd and yield.
bAwanedttmdend and redd after sow xwe 1 ftVMMAwacwpnf moraes.
k Kenya, re Iwertm b*wr tten melons tataL n Stotts Bsue pending.
^ Comings baled on prebmay Agrees. i Dhridend and yaw nsfcdr a weeud
ownwm. t Indicated dnw end; covro rebdn to porous dbndetW. Ptf. ratio
based on tree* atreuaf earnings ■ Forecast, or estimated amulised dMoend
rate, cover bated on prenons year’s eamtogs. eSutgrct to local tax.
x Dtadme cover tn excess ol 100 times, y Otrtdrrel ml yield bared on merger
arms, x Oremeng and yield bittpar a recced tagrerem: Cover does not apply to
medal payment a Nr tiwdend and yield. > Preferen ce tandem passed or
deferred C Canadian. E Mtanun trader price. F Dividend and yield bated on
praoea m or tehee official esttaMes for 198*4)5. fi Attuned dhMrnd and
yndd idler pending sene andNr ngbts taw. H DMOtnd and yield bated an
retrorectal or tnbrt official escmuies for 198* K Figures bostd on orotpecus
or afllcml eumwes lor 19BA. L Eauecmd ddomiseaifetidead. crew am pie
baxfl on luea usual comings. H Demand and yM based on prospectus or
ndinr official numnet far 119949. H D widend and ytaa breed rei rensaccas
o r odier offcial nUnocet foe 1*6. P Figores based no pnnpecfm or ether
official mt~mrl lor 1983. 8 Cress, t Forecaa amWtwd tavMeoO. cover
am pfe hosed on ponpraus or odor ofliuM entxvoev. 11 Flgtres aouaed.
ZDWdeod total to date.

A U p t re itin m; Mexdirldeal: eei scrip Mae; tree ngfis; aaiH; dn
canal dttrftnuon.

REGIONAL & IRISH STOCKS

The following it a selection of Regional and insii stocks, the lane* being
quoted in Irah currency.

FW. US 97/02 _
Arndts

.. OlPv -u
. M f3

St I 723 j Carrol lads...

CPIHidgs J S3

Dublin Cos-,— S3 I.. .

«Jfl<R.iRf ta -2

HeWPiKKgs. 23 >1

Irsh Ropes- — 55
Uttdare 113 1-10

“Recent Issues” and “Rights" Page 42
(International Edition Page 36)

this sb rite is naBdile ta nor Company dealt ia on Stock
rwhwi j es ttnapnt the doited Kingdom lor a tee ol £875 per
aaaa far each warttj.

’ A.-

Financial Times Thursday February 20 1986

LONDON STOCK EXCHANGE

MARKET REPORT

RECENT ISSUES

Account Dealing Dates ^il i

’First Declare- Last Account C*fflitS 'Oil!
Dealings tions Dealings Day ^ R i * ” IM' «**

Feb 10 Feb 20 Feb 21 Mar 3 *

Feb 24 Mar 6 Mar 7 Mar 17 « .

Mar 10 Mar 26 Mar 27 Apr 7

" Nowilim " dealings may taka fi ,8 I I I I 8 V

place Irani SJO am two business days wSS w T

c oritur. v

• port. Barclays and M idland both

closed 5 easier at the common
^vel of 467p. after 475p. Lloyds
02S„ w 1, Sn fl S fe e * ll ?SS were also 5 off at 475p, after 488p-
iK? Among Hire Purchases, peren-
*5? VL^SS^JSSJX^JS » 0181 takeoff favourite First

National Finance Corporation
C ^iniS#2°«ta ilflMb P«t on 3 at 167p and Provident

able interest rate outlook and of financial gained 5 at 343p.
the Increased scope for Budget cSSta HolKs hardened a

SSSSi'SS&SS. Today's peSf at Wpmd Woodchetter

Gilts push forward again but early
equity upsurge loses momentum

startling PSBR figures.

Commercial rates for credit

added 2 at 160p.

Guinness rose 5 to 300p, after

continued to slip back from 303p, amid suggestions that Ms-
recent high levels, but the down- tillers, also 5 dearer at 626p.
turn was not fast enough for could be prepared to reverse the
some professional investors. The bid situation and launch a bid
three-month interbank rate stuck for Guinness. The latter's offer
at around 12ft per cent, only for Distillers was referred to
fractionally below current bank the Monopolies Commission last
base rate levels, and sterling Friday.

surged higher against the dollar. me undertime in the Building
The latter development stifled sector remained distinctly firm
demand not only for Interna- and takeover favourites figured
tional stocks but also for the prominently. George Wlmpey
many leading issues which have continued to attract considerable
been bought heavily over the speculative attention and rose 7
past week or so. Turnover thus for a two-day gain of 20 to 168p,
contracted noticeably from Tues- while Rugby Portland Cement
day’s record volume when the firmed 4 to 157p on rumours of
total value of shares traded a possible offer from English
soared to over £L2bn. China Clays. Elsewhere. Tarmac

The lull in Institutional revived strongly and closed 12
activity prompted some short- higher at 402p, while SMC

FINANCIAL TIMES STOCK INDICES

1 Feb. ! Feb. • Feb. Feb. . Feb • Feb. year
IB ! 18 IT i 14 13 . 13 * aso

Government Sees 84.00 83.62 83.00. 82.66* 82.07 82.20 7932

Fixed Interacts B8.93 ae.68 88.06 87.76 87.68 87.6S 83.78

Ordinary • I 1236.1 12342 1220.7 12184 ! 1212 31 1200.6 981.3

Gold Mines. 326.5 317.6 3204. 317.1 530. ff 330.6 97.8

Ord. Dhr. Yield. .._... 4.88* 421 4.28 4S8> 437| 4J» 4.40

Earning^ YW. ZlfulT): 10.18; 1031' 10.381 10.34 103? 1046- 10.99

P/E Ratio (net) CL-... 1844 18.21' 12.08 18.07' 18.00; 11.92 10.B3.

Total bargains (Eat. 50,406' 34,9861 54,580 30,744! 86,418 28,480 84,006
Equity turnover £m. - ian.66 904.49 84928 721.76 682.74 378.80

Equity bargains. J — | 37,031, 39,669 38,103. 30,780 89,416 21,616

Sharae traded (m8~> — i 488.4, 4102 386.4 356.0 319.1: 203-2

W TO am 1241 . 6 . 11 am 1238 . 6 . Noon 1236 . 8 . 1 pm 1234 . 0 . 2 pm 1233 . 7 .
3 pm 1233 . 0 . 4 pm 1235 J. Day's High 1243 . 2 . Day's Low 1231 . 7 . Baals
100 Govern moot Securities 16 / 10 / 28 . Fixed interest 1228 . Ordinary 1 / 7 / 36 .
Gold Mines 12 / 9 / 65 . SE Activity 1974 . Latest index 01-248 8028 . •Nil- 11 . 80 .

HGHS AND LOWS

RE. A CTIVITIES

High [ Low

; Feb Feb.

mptlafnj INOfCES 18 17

| Low Dally ■

1 jilt Edged 1

iGlit Edged I-

Oovt. Sees.] 84.87 | 78.02 127.4 49.18 179 ' 7 ’ 1

re/vJBi ff/i/ra I

Fixed Int... 90.98 82.17 180.4 50.03 Value . 2 , 461 . O' 1 , 888. 2

|( 2 ii 1 QlM)< 2 S/l/ 86 ) ( 72 ( 11 / 47 ) AfKTS) 5 dayAvaragol

911.0 1236.1 49.4 14a ~| 131 6

2 bj 7 jB 6 ) 119 IWM) (* 6 ( 8 / 40 ) E J^£ n *-~l 148,1 131 ' 6

817.6 734.7 43.6 Baraains.. J 236.6 816.4

i/M/M) ( 13 / 2 / 85 ) ( 26 / 18 / 71 / Value 1 , 769.1 1 , 627.8

term operators to realise often gained 6 more to 526p. Outside a*,,- 90.98 I aai7 180.4 50.63 vajuc.!T.~7a -Ui.oi.bzbx

substantial profits. Although the the leaders, Feb International A “ ca/ioiWH2*i/s&) (22/U/47) rt/i/TSj s dayAverasel

sales were gratefully received by put on 4 to 62p following details ordinar*... laao.i 911.0 1236.1 49.4

dealers running short book posi- of the disposal of Rs builders' os/i/W) ,t»j7/») iu/ 2/W) c2B(8/40) E J^C^ n *~| 14B - 7 1316

tions, the reaction in values merchants division, but Ward 00M Mines 836.9 217.G 754.7 434 Bara&ins.. J 236.5 815.4

gathered speed. After news that Holdings slipped 4 to 282p await- (&/ 1 i/e&> (wi/as) (26/i*/7ii value V 63 - 1 1,827.6

the Japanese Central Bank was tog today’s preliminary results. 1

not considering another cut in Profit-taking in the wake of the ^ ^ ^

the Discount rate, equities interim figures left Raise Indus-

seemed certain to close lower on tries a penny cheaper at 2Sip, lower as buyers withdrew. GEC, stated yesterday that It knew of
the day. Doubts began to creep after SO}, while scrappy selling at 204p, lost 4 of the previous no reason for the advance In the
in over its continuing ebullience clipped 10 from Access Satellite, day's gain of 10. - Among share price. Rises of around 6
and takeover fervour cooled in at UOp. 5GB found support at secondary Electricals, Slgntez re- were recorded In Delta, 2G7p,
the absence of a major new 262p, up 8, while Countryside fleeted the board's profits warn- and SplraarSarco, 162p, while
offer. spurted 18 to 320p following a mg and dropped to a new low of acquisition news assisted a rise

A measure of stability was broker's lunch. 83p before closing 11 down on of S to 252p in Baker Perkins,

restored around mid-afternoon, ICI fluctuated narrowly and balance at 86p. Highland, on T1 rose 8 to 417p.
and later in the session blue chip settled a shade easier at 859p; the other hand, attracted revived Laadinp Food* mn

stocks edged away from the the interim results are due next speculative demand and closed 9 « tmlL <mT

lower as buyers withdrew. GEC, stated yesterday that It knew of
at 204p, lost 4 of the previous no reason for the advance In the

spurted 18 to 320p following a mg and dropped to a new low of acquisition news assisted a rise
broker's lunch. 83p before closing 11 down on of 5 to 252p in Baker Perkins.

ICI fluctuated narrowly and balance at 86p. Highland, on TI rose 9 to 417p.
settled a shade easier at 859p; the other hand, attracted revived Leading Foods made an

speculative d^daoddj^l 9 Te*. ea-

of 148&8 at 2.38 pm before clos-
ing a net 0.5 off at 1491.4. The
FT Ordinary Share Index fluc-
tuated similarly to end 0.8 up
at 1235.1.

Brothers A improved

Stores mixed

vestors came for SCUSA ahead but aSDA-MFE softened 2 more
of a seminar in the US next to 142p and Dee Corporation
week and toe dose was 3 higher 5 to 255 d. Profit-taking

31 A 32 ?' J£ cro ..? V £? s S .^" left Cadbury Schweppes !

uated similarly to end 0.8 up Leading Retailers, steany-to- ” ^at 205p up 25 p while im- owT .,2

it 1235.1. firm at the outset, subsequently ^ ”^ p ; f n fis* .JrT cheaper at 171p and Tate and

Government securities coo- gave modest ground reuecting Jl^n 1 Systems 8 _off at 590 ^.^ t rBCcaU ^l

inued to prosper with sentiment toe lack of follow-torougfa OxS3^ «*5“ Northern Feeds revived

supported' both" by the rising interest Gussies A, up to 825p aSn with a £ain 6 at 776p ‘

pound and hopes that the next at one stage, dipped to 885p ^SSd^'at^f'Stod Pubticity given to broken
move in domestic interest rates before settling 7 cheaper on ® ai “ ma cuiars stimndated further bi

would be lower. Fresh inflows balance at 890p. Morehouse ***ntrxt lf|p. toterest^Kennedy Br

of foreign money were reported eased a few pence at 327p, while which advanced 14 to 262 d.

but UK institutional operators Harris Queensway gave up 2 to Jig**. S? advanced 14 to ^zp.

were the main buyers. Short- 214p, after 2l2p. Barton, how- ^ .

dated stocks claimed more atten- ever, remained firm and rose 4 ^P- latter awaiting next Granada react
lion than recently to close with to 258p, after_284p, as did W. H. Mondays annual results mixcrflanem

s did Publicity given to broken’ cir-
culars stimulated further buying
edged interest of Kennedy Brookes

gains rivalling the fresh rises of fta^'A^t^arap? ^DanhS 1 ^^! enc011 ^J

i&sf* Sre «?sa ss jra

although to toe late after-hours’ tee Cooper, a dull market since hopM. while demand persisted helped by US taund, ^jmt m

business prices were a
below the session's best

rerentacquisflion news, ralfied for Bansomes whhi put on & £ **?’***

8 to 173p. Execntex Clothes 11 further to 164p. Matthew rallied 4 to 365p. BET were
revived with a gain of 8 to 73p. Hall advanced 8 to 150p and 600 °P

which Pepe rose 13 -to 108p and Group were noteworthy for a rise drifted oa« -to floao

which rene rose 13 -to lOKp and Group were noiewortny iot a nse

Natwest better . . . . : . Gabled 5 to 120p. - - or 6} at. 106 }p. F. JL Batcliffe 7 cheaper »t£96p. , - Eltewhere,

NatWest improved 6 more to . BacaL, a possible beneficiary of Industries were again the subject Grenada, dropped to to "4p toi-
683p, but other clearing banks toe £5bn Saudi Arabian defence of specnlative activity and lowng-comnent on-toe hid &mn
drifted down after a firm start deal, rose 6 more to 204p, but touched UOp before closing 15 &ank Orsanlflation, toe latter
on lack of follow-through sup- other leading Electricals drifted higher at lOOp; the company eased 10 to 537p. mgh «mat

, Services moved up 4a to 43up

in belated response to acquisi-
tion news, while Press mention

FT-ACTU ARIES SHARE INDICES

38p. Bo water, still sustained by

These hdees are the joint coap3atwn of the Financial Times, Hanson Trust bid hopes,

tte InstitBts of Actuaries and tee Fasa/ty of Acluaries ?^£?s Ste n’lSiJZ'Z

■ | | I I 323 p. Still reflecting recent

EOUITY GROUPS n« an m y» newspaper comment, Brldport

EdUITT bKUUrO Wed 19 1986 W » » I Me Gan dry advanced 7 farther to

o cud eirrTinaiC 9 O 14 kpnl 184p. Reuters encountered sup-

FT-ACTUARIES SHARE INDICES

These fndkes are the joint compaathm of the Financial Times,
the Institute of Actuaries and the Faculty of Actuaries

EQUITY GROUPS
& SUB-SECTIONS

Figure* ia pai d Ulna e * stow number of
notia per sectm

1 CAPITAL SO DOS [213)

Z BaUdlng Materials 1241

3 Contracting, Construction <273

4 Electricals 03)

5 Eh ctra fli a 08)

6 Mechanitjl Engineering (fa4)

6 UeuUs asd Meal Farming (7)

9 Maori 08) —

10 other imhntrlal Materials (22)

21 CONSUMER 62QUP0JM)

22 BrawcwandPWIIIefi(23)i

25 Food Mmfacturing (22)

26 Food Retailing (14)

27 Health and Household Prefects 009.

29 Leisure <2S)

32 Poaistiing & Printing C13)

33 Pactagino Md Paper U5)

34 SMm (43)

35 Textiles U6I —

36 Tobaccos (3) — — ...

41 OTMEK CROUPS (85)

42 ChemkabU9)

44 Office E quip m ent ( 4 ) - —

45 SWpptagand Transport 02).^—

47 Telep h one Ne t wotte <2)

43 Mlsceflaneous <431

49 INDUSTRIAL CR0UPC482)

51 OH&SmQa)

54 SOOSHABEINPEXgCO)

61 FINANCIAL SROUPfllT)

62 BantaOl

65 Insurance (Life) (9)

66 bswance (Composite) (7) ■■■. — — —

67 Insurance (Broken) (8)

68 Merchant Banks (ID

69 Property (51)

70. DUNr FrotncUl (26)

71 Inmaw e ntTnattCUB) -

Bl Mtalog Finance (3)

91 Orersens Traders 04)

99 ALL-SHARE PtPEX(73V)

FT-SE 100 SHMtE INDEX ♦-

Wed Feb 19 1966

EjL

nR

(MsJ |

MB

Ok

YW% 1
CACTaa j
39 %) |

to.

WE

fart)

OU)

8.71

334

1441

432

3.92

1306

8 JT 7

406

UJ 9

*22

*06

1537

8 S 3

205

1409

9 L 80

401

3243

T 39

301

1687

904

xa

1332

6 J 56

302

1806

U 9

308

1534

9.57

305

3332

MSI

429

1238

6.76

241

2001

Ml

209

2131

7 A 2

4.06

1692

U 7

440

1343

8 26

US

1*39

6X2

206

1935

jnsrj

306

1043

12.71

4.79

106

122

3-96

1431

12 M

437

10.98

7 J 5

3.95

3330

AVI

3.92

17.93

- 944

306

1*52

740

339

1632

837

336

1432

1839

841

628

442

.;U-»

1731

5.77

630

A 2 Z

—

446

-ras

US

335

an ia

328

—

530

343

2431

7.74

409

1334

_

307

1236

5.97

935

1303

642

1 94 S

Dry's

439

Ob-J

Feb

High

Law

IS

15010 1

MM

149 L 9

D.T7 650.98
034 MUZ
ZJO U68J1
0.94 1759.78
SIS US7.W
027 356.19
ON 2KLU
034 26030
020 114053
L56 KSJ6
UO BUS
IAS 59UV
060 176051

002 138LC3
099 35022
2J6 207U1
009 0731
liM 785.90
OOO 44065
OOO 106457
005 74254
232 15071
032 25046
OOO 145036
OB 875.71
025 91029

024 54723
OOO 54422
(LOO 00098
OOO 43078
095 1283.97 :

003 33001
042 71922

090 31347
093 67944
OOO 25704
OOP >5625

091 72549

YESTERDAY’S
ACTIVE STOCKS

> Above average activity was noted In
I the following atocita yestarday.

Closing Day's
Stock price change

BL 63 +2

Ba water Inds .... 323 + 8

i BP 638 —5

' Burton M 258 . 4 -' 4

Eaco Inti 218 + 6

GUS A 690 - 7

Hanson Trust 160 + 3

Imperial Group 308 — 6 ■

Jaguar ... , ............ .. 471 + 5

Marks and Spencer 188 +1

NMW Computers 275 -20

P. & O. Deferred ... 480 +14

port at 3BSp, np IS, but adverse
comment prompted a fall of 22
to' 320p in Broken Hill Pro-
prietary. Sharua Ware ran back
smartly after toe previous day's
speculative flurry and closed 12
lower at 60p. while Christies
International, bought recently on
bid hopes, gave up 9 to 316p.
NMTW Computers closed 20 lower
at 275p after toe results and
propose d rights Issue, but
Elders pn- gained 8 to 173p in
response to the preliminary
figures. Thomas Jcordan were
noteworthy for a rise of 12 at
170p. while other bright spots
included MCD, 8 dearer at 160p,
and Appledore, 12 higher at 372p.
In contrast, Harvey and Thomp-
son gave up 8 to 155p despite
the increased interim dividend
and profits.

World succumbed to re-
newed profit-taking and dropped
SO more for a two-day relapse
of 60 at 18(h)- S angers Photo-
graphic, however, continued
firmly at 86p, up a farther 4.

A lively two - way business
developed In Jaguar which dip-
ped to 457p before recovering
to 471 p — a net gain of 5. BL
hardened a couple of pence more
to 63p, after 67p. A. C. Cars were
marked 40 higher to 123p fol-
lowing the agreed offer from
Mr William West

Current takeover favourite
MEPC dipped to 333p Initially,
but toe reappearance of buyers
at the lower level prompted a
swift rally and the close was 3
dearer on balance at 340p.
Among other properties, Wales
City of London shed 4 to 130p,
after 128p, on toe rights issue
proposal that accompanied toe
annual results. Berkeley and Hay
mil attracted speculative buying
on rumours that a sizeable stake
had changed hands and put on
to 10iP- Loudon and Edin-
burgh continued to reflect Clay-
gate development prospects and
roee 20 more to 575p, while
Hountleigh, still buoyed by toe
excellent interim results, gamed
the same amount to 635p.

P & O Deferred returned to
favour with a gain of 14 to 480p.
Ocean Transport, however, eased
a . couple of pence to 188p. British
and Commonwealth hardened a
few pence to 330p, while news
that Swedish shipping concern
Salenia has purchased Hambros
Investment Trust's near 22 per
cent in the company lifted John
L Jacobs 5 to 64p.

A number of firm features
emerged among Textiles. Tootal
responded to fresh speculative
demand and ro68 4$ to a 1985/86
peak of 8Sp. while interest also
revived for Allied Textile, finally
10 higher at 460p. Don Bros.
Bqlst scheduled to reveal inte-
rim ' figures tomorrow, hardened
4 more to 154p. Occasional sup-
port was also noted for Burma-
tex, 8 to the goad at 132p, and
Leeds, 5 np at 143p.

Tobacos, widely reported on
Tuesday, encountered profit-
taking with Bats 10 cheaper at
358p, and Rothmans 3 off at
162p. Imps, a shade firmer at the
outset, dipped to 305p before
settling 6 easier on balance at
30Sp as Hanson Trust. ^3 firmer
at 150p, declared that its revised
offer would not be increased.
Rival suitors United Biscuits fell
6 more to 220p. j

TUESDAY'S
ACTIVE STOCKS

BbmS on bargains recordad in
Excbangn Official Uai.

No. ol Tuna.

Stock changu close c

Grenada _ — 33 310

GUS ’A' 28 897

BAT leda 23 3 GB

Wallcoma - — 23 174

Hsona 22 49 B

GEC .... 22 208

Imparial Group 22 314

EufO Partial... 19 169

Beachem ...... IB 361

BrrtJah Aaro ... 18 503

Glaxo Now ... IB 910

STC 18 102

EUROPEAN OPTIONS EXCHANGE

Fob. I May
VoL j Last VW. | Last

Aug. !

Vol. - Last stock

542.75 54647 443.97
53 6. 55 54247 45933
999-74 *15.73 602J9

<3337 <43845 30949
1277.94 129252 109M6
51647 31546 29448
717J2 71641 62048
30749 30646 289.75,
670.79 67030 62945
26022 26040 299.91

650.75 641.72 66041,
717.97 71941 61*71,

FCO Feb Feb Feb Y<ar

17 14 13 12 wo

247331 1477.91 147331 14704! 127S4

GOLD C
GOLD C
GOLD C
GOLD C
GOLD C
GOLD P
COLD t»
GOLD P

£(FL C
£/FL C
EfFL C
8. FL C
S/FL O
B!FL C
S/FL O
6 /FL C
S/FL C
S/FL P
S/FL P
S/FL P
81 FL P
S;FL P
S/FL P
S/FL P
S/FL P
8 /DM P
S/DM P

S3 22 B 30 32 Bj — — 18 343.90

441 3.B0 SOS 17 I — — T 11

2 0.10 91 8.60 i 103 16.00

5380 — — 33 440 1 6 10

C 400 — — IAS 8.60 1 186 6.80

8300 — — 40 140 ’ 83 340

6320 — — 1 107 ‘ 440 1 — —

S 34 « 81 2 j 62 11 ) — —

Mar.

10 1 340 ;

— — I — — MLW7.K

11 1.30 | — — j „

- ‘ - < -s’ ”

87 4.70 A] 390 6.30 *lFL 2 W.Ttl

60 3 44 • 4 | „

44 1.90 Aj 8 2 .BQA! „

18 1401 10 8.80 j u

_ - ; 1 1.60 aI X

87 6.30 a 4 7.60 1 „

142 7.8081 — — I ,,

459

! 630 B/

60

1030

140

10. BO b|

86

1430

63

ig.bob;

80

18

lie

l 80 Bl

10

88

18

' seal

8

£7

110

1 30 1

20

830 !

16

11430 :

a

16.60

— I — ! — I — DM&JO

FIXED INTEREST

UU6 UOJO 11841
137-02 ] +0-38 133U8
+034 13832

15426 1 +038 mne
13039 +035 189.98

10645 +032 [l08.73
1B9L01 +031
100.96 +027 14*49

Apr.

ABN C . . FL600I 302 9.00

ABN P F1.B4q 403 BA

AEON C FLIOSi- 8S 4.70

AEGN P FI.1D5 150 7.50

AH C FI .83; 63 8.50

AH P PL7BI 44 3.60

AKZO C FL16QI 335 7.90

AKZO P Fl.lBOj 16B 3.40

AMEV O FI.8W 06 8

AMEV P FI. 76 xoa 2.30

AMRO C R.iaoj 384 1,90

i AMRO P F1.116) 140 13.S0 |

GIST C FI.30W ISO 430A

Q15T P R33W 108 1.S0

HEIN C FI. 820 117 0

HEIN P FI310{ 53 4

HOOO C FI 30; 814 2,80

HOOG P R.9q 104 6.70

KLM C FI. 65] 657 1.90

KLM P FT. 55 59 1

NEDL.C . .. FL880{- 840 -M-40
NEDLP FJ.170! 190 > 4,60

NATN C F140] 149 ’ a’ ' '

NATN P FI.75 72 3

PHIL C Fl.65 680 2.90

PHIS P FL60I BIS 1.40

RD C FLIBO; 1048 3

RD P FLISOi 835 11.30

ROBE P FL8» 10 1

UNIL C FLSSOj 484 940

UNlL P FLSSOj 160 10 '

TOTAL VOLUME IN CONTRACTS: 37,
A=Ask B=Bld

2232 I BJ2 I 12-16

t OpeotaB Wtt 14998f 10 m 1*587; !1 an 14944f 14911; 1 pm 149L4; 2 pn 2490.% 3 pa 14893; 330 pm 1491Jt 4 pm 149L8.

* Flat riekL Htatawd lows raconf base ifatev nh» and coostflaent dtangem mbGsbcd ia Sstanbr hares. A an Bst of aamhuenis
b anflritai tma SW PlOUOwrv^ tbe Financial Time* Bracken Home, Canaa Street, Lndoa EC4P^ 4BY, price 15fc ty post 2fip.

44 17 >

35 18.90 ;

132. 6.70

8 9 . 508 1

84 3.90 I

56 6.608

87 11

7 8.90 1

18 430 j

12 - . 4

43 4.00

1 3

4 14

7 6.80

88 6.10

14 ^ 4.60
58 I 6.60
93 -4.50

83- 8.80
61 6.90

'39 10.80

39 lai.50

40 /18.B0
,746.

C=0ai1

Oct

15 18.60 FL 5 S 6

"2 9 . 3 QAFLlBaM
12 11.60 B u
| S. 6 QA FL 74.80

19 13^0 FL1&J9
6 IB ..

— - In. 7^.60

4 . "i fi.i8b

— — FU&4^8

— — FI^SO.M

"5 "a in. &

16 6.40 U. 4 l .00

3 I 3.70 _

a 7 fi.i9o

"“I I ft

•30 r 6.60 - n. 70.70

93 6.60 FI.A .20

111 j Iao Fi.i^ejn

1 I * FL*

5 : 31.50 FI . 366

2 1 19 H ..

Mercantile House raced up to
SSSp at toe outset amid rumours
of an imminent bid from Quad-
rex before closing 34 higher on
balance at 3S2p. Exeo, meanwhile,
recorded a sympathetic gain of

6 at 218p and MAI firmed S at
350p. Among other Financials,
stockjobbing concern Smith Bros
advanced 13 afresh making a two-
day rise of 24 at 195p on talk
that Rothschilds had sold its 24
per cent stake in the company to
a potential suitor. Kwahu, on the
other hand, cheapened 3 to 27p
on further consideration of toe
half-year results.

Oils down again

Another bout of weakness in
North Sea oil prices and the
strength of sterling triggered re-
newed selling of oil shares. BP
dipped to 53 Lp before rallying to
538p — a net fall of 6 — ahead of
the annuel results which are ex-
pected around midday. Cur-
rency considerations saw Shell
ease a similar amount to 673p.
Britoil fell away to a 1965-86 low
of 168p prior to settling 3 down
at 170p. while LASHO dropped
to 140p before dosing a few
pence off at 14Sp. Enterprise
were finally 4 cheaper at 128p,
after a year’s low of 127p.
Secondary issues continued to
drift on lack of interest, but '
Century OH proved an excep-
tion and moved up 4 to 92p fol-
lowing sustained support from
one quarter. Australian oils mir-
rored heavy fails in overnight ,
domestic markets: Santos

dropped 10 to a 1985-88 low Of
210p and Bridge Oil fell 5 to 87p.

Recent speculative favourite
Loniho eased 4 to 252p follow-
ing toe annual report. Toser
Kemsley and MUlbonrn. on the
other hand, responded to revived
takeover chatter and touched
104p before closing a net 7 to
toe good at 103p.

Golds advanee

Renewed strength in precious
metal prices following toe fall
in the dollar prompted good per-
formances by gold and related
sectors of mining markets.
Platinum continued its recent
firm showing, jumping more than
$20 an ounce, while bullion
touched $345 at one point prior
to closing a net $5.75 up at
$34225 an ounce.

Gold shares attracted good
support from the outset Over-
night US buying was quickly fol-
lowed by persistent interest from
Johannesburg— where operators
were encouraged by toe further
Improv ement in the Rand— and
the Continent. Sterling quota-
tions for Golds, however, were
affected by the sharp rise hi toe
pound against toe dollar. Never-
theless. closing gains were suffi-
cient to boost toe Gold Mines
index 8.7 to 326.3.

Platinums were highlighted hy
Hnstenburg which moved up 8
more to 683o at toe expense of
Impala. 5 off at 645p, on further
consideration of toe recent Press
recommendation to switch into
the former. Financials enjoyed a
day of brisk trading and wide-
spread good gains. “ Amgold *
settled £2! up at £54*. Gencer
rose 20 to 885p and Anglo Ameri-
can Corporation rose 15 to 990p.
Firmer metal prices also boosted
UK-registered Fina nci a l s where
Consolidated Gold Fields added

7 at 470p and Rio Tinto-Zine 5
at 580p.

Sterling’s rise against the Aus-
tralian dollar foiled to deter
buyers of “down-under" stocks
and particularly Golds which
gained ground across a broad
front

EQUITIES

ii iifi

StiHgf

lapa^Hfnh low

F.P. 88/8
300 713
FJ*. 31/1

» eTs

FJ». 14 ;S
F.P. 7/3
F.P. 81/8
F. p . —

FJV 27/3
FJ». —
F.P. 84/3
FJ>. —
FJ*. 7/3

Is U ss : jlfsliS

P - Up,”-*

KSjtijS&i

...... Rl. 78 l 4 ^ 8 . 0 hj 4

ulcb u trota
7i m.oI 4/7 aibjisTi

FIXED INTEREST STOCKS

Iwuo §3
price on

£ II

VI FJ». 1
S98.8S7X8B
see. 7461826
II I Nil
II FJ».
96.977 F.P.
100 F.P.
— l FJ».
J 99 . 51 Sc £40
ft 1 F.P.
I 9 S. 70 el£ 4 O
100 [ F.P.
U I NH

| High ] Low I

r 8BU1 eoUiAUtod Lon.ProB 6 . 1 W* 1 rt*fof*JNrth 2 B 8 | 8® 1 * +7 ®

i € ‘S =

03 91 ! — Do. 10 * Onv. Wire. Ln. I— -

i 11*4 BSiaiCentrovUidal EMa. 1 ' PtoJMS aas * +H

1,100 99 Mocoa u>lwn» Il’**D«re. aoil^^. IOO .. ...

i 1001* IOO MW SUMP WV.8 "l* ^ S^ 5 * J mI?

, 1003 s 99 *. N*ttonwkta m^So^ 9 WB 7 - iBOij

I 41 li 36 Rosehkugh Graveoai H$litMtDb»n* Ji»* +19

I -fflwr

r | U M —

Ipppmliapp/n wmUwms 7 isk Cnv. Cum. Pry.....—.-Mppia —

.* 99/04 105

1 IOO ..._

. 1996. 1004*

l;B/87^ lOQij

Dbzn« 41 14 + 1 *

a.xij>

RIGHTS OFFERS

§3 Latest I
Issue 9 u Rsfiu no. |
prtos |f j-

02 F.P. 3/3

IOO FJ*. 7/3

763 F.P. 21/3

Dmmo Nil —

836 Nn 13/5

207 F.P. —

307 Nil —

94 Nil -1

215 Nil 84/3

11200 F.P. 87/3

39 Nit 10/3

140 Nil S7/3

60 Nll-

IS Ver

§5 I

88 9 Cai>non «. hw*. Ufo —
113 Obemrlno Cnv. PM. OnL 6 j

786 GALA 80 p

30 pm Commerzbank D^K)-

38 pm Cray gieotronlos lOp..—..
916 i Electron Hse. Units 1 . —
80 pm Do. 1

18 pm Meggitt HldBS. 5 p..,. ._ —
47 pm * Midsummer Inns BOp.— ■

68 Telfas. —

3 pm Walker (CAWIlSp

28 pm WOtsham'e Bp

13 pm Westland

ISO

785 -S

SO pm

BOpm

243 +6

37pm —
14pm +1
63gm —

3 pm —
34 pm . —
13 pm— 2

Rsnunclstlon dsts ueustiy last day lor dMling free of sttmp doty. b_ng«rss
based on prospectus estimates. 0 Assumed dividend end yield. F Formst
dividend ewer on earning* updated by ttps t intsrim stWs/wsnL NOMdmd
and Yield based on prospectus or other officio! estimate* lor 18 B 8 . R Foieesst
annualised dividend, cover and p/e ratio baaed on p/MPtau or oAer offiwsl
set! mates, t Indicated dhrldsnds: cover ralstss to previous dividend; p/r ratio
based on latest annual earnings, u Forecast, or estimated annualised dividend
rets, cover bleed on previous year's earnings. 9 Issued by tender^ I Offered
holders of ordinary shares as s " rights:** — Isauod by way ol capitalisation.
S Placing pries. SI Reintroduced. TV Issued In connection with reorganisation,
merger or tele saver. ■ Allotment prtos. 4 Unlisted securities msrKoL IT Desft
in under Rule 636 ( 3 ). W Dealt In under Rule 535 ( 4 ) (a), ft Units comprising
two ordinary, one preference and one warrant, t Units comprising one Now
ordinary and one G .6 per cent Cnv.Rod.Prf.

RISES AND FALLS
YESTERDAY

Nose Falla 8eme

British Finds ......

Corpnm. Don. and

106

o

3

Foreign Bonds ....

41

2

88

Industrials

374

301

80

Financial and Prop.

157

83

333

Ode .........

10

42

73

Plantations _....—

- 2

5

11

Mnos

83

16

»

Othore

a

78

87

Totals

831 -

827 1478

TRADITIONAL r OPTIONS

First Last Last For
Deal- Deal- Dedar* Settle-
Inga inn tioa meut
Feb 17 Feb28 May 29 June 9
Mar 3 Mar 14 June 12 Jane 23
Mar 17 Apr 4 Jnne 26 July 7
For rate indications see end of
Unit Trust Service
Call options were taken out in
Sycamore, Lonxko, Hobson,
London Investment -Trust,
Grattan. Brunswick, Martin Ford,
Ferranti, North Kalgnrll, Ran-
som es Sims and Jefferies, Cad-

bury Schweppes, Fetranol,
Aaron, Kwik-Ht, Folkes Group,
Tran wood, Bewntree Mackintosh-
Apricot Computers, UXO, Car-
less Capel, Pritchard Services,
Cowan de Groot, George
Wimpey, C. BL, Bailey, STC and
Amber- Day. Puts were done in
IIP. Appledore and Foiyplpe.
No doubles were reported.

NEW HIGHS AND
LOWS FOR 1985/6

NEW ifiGjBS (167> ;

'tS^SSAi

STOMS 15).

( 7 k MONUMNC <U).
HOTELS CO. INDUSTRIALS

I (2»- HOTELS 1
ImSURANCE 11)1
NtS (41. WWW d

NEW LOWS (2$)

Lsna. MKrocompu
ELECT 1 UCALS <t>]
INDUSTRIALS ( 1)1

® Cmrar Ovp» LoaMwis
mputCT Mtmiriw.

Msaierira. „
smk IstertoH.
umberatr. lei
! <«) Entatyptjs

(1) SssCo tnc. Mm (1) Enlalyptus. _
TRUSTS (1) load. Merihsifi Drtp. OHS
04) Brttell Srysaa oil 6 Gas. Oonct

Resource*, Sulci in be OU. Husttng
ptrrt eum. LASMO, Do. Ou l rawHr
Petrol cum. Prto OR. Render OH. SaMov
Scwtra Resource*. SomeSii Ofl

Trtoeatrol. MINES Cl) Samson ERpIrtn.

A PROFILE OF THE TYPICAL READER
OF THE RANKER

The typical reader of THE BANKER Is a Senior Vice-President, working for
a commercial bank. He baa responsibility for inte rn a t io n al affairs yet; despite
his senior executive position, he is only 42 years old.

He vm have access to a computer, be responsible far selecting or purchasing
technology or equipment and will be Involved in both personnel selection and
relocation matters for his bank.

As is to be expected, he la a well-travelled executive making about 13 international
flights on business each year, normally first or business class, and spending 24
nights In hotels. Chances are that he win have two credit cards and regularly
rents cars.

For mo re spe cific details of the MORI research findings Into readers of
THE BANKER and opportunities offered to you for business and profit; pleasu
aratacT—

The Marketing Director

THE BA NKER

102-10S Clerkenwell Road
London EC1M 5SA
Tel: 01-251 9321 Teles: 23700

RESIDENT ABROAD

z^~ *'~ — . — — . — L, ^ mucics on

UK and foreign Investment, property, pensions, taxation and insurance.
It entertains and informs on matters of health, education, travel and
leisure — all of this every month.

Tens of thousands of expatriates around the world already benefit from
this magazine — * ask yourself If you can afford not to join them.

For subscription details and a free copy of the latest issue contact:

Janice Liversefdge on 01-405 6969 or telex 883694 ICLDN G

THE FINANCIAL TIMES

IS PROPOSING TO PUBLISH A SURVEY ON ~
THE IVORY COAST

os Wednesday 23rd April 1986.

Advertising copy date for this survey is

Friday 21st March 1986.

For further information please contact Hugh Sutton, Area Manager Africa

Financial Times, Bracken House, 10 Cannon Street. London EG4P 4BV -

ro.) . fit A40 OrtAA Cui ■ oMe * ^ *

37

N

i-.

C

H;G« £

5 FOB 5:

■ .■ b; ri i.

riiiT *

>\

Financial Times Thursday. February 20 1986 00

WORLD STOCK MARKETS

AUSTRIA

■ Fab. IS '

1 Pries'-
• Sew ;

-for

crwurnsrit pp-a.sss'i -
flimnnr * • ‘3.600

mi*runmii *, — jia.ooo' „
JunsJaunalaaer*j40,fiOO. —
UertM-ban* 9 ~*2A 10 4 13$
Pert mower— „i *700 , +10

Steyr Daimler ™,| 161 +1

Voltsctikr (Has V 9,400: -40

BEuauH/Mixmotwa

| Pnea ■ + or
Feta. » • j- Frt. , —

Ganq.Gen.LUX~

8 .6 GO

ix^oo;

+ B0

Banq- tnuu-ux _ho,QOOl

ament GBft_ —

Cooke rW ...

Domain.-...--....

EBES 1 4 P 4W)|

Eloctrotool. 03.T7W

Fabrlque Nab —12,180

QBInnoBM. 6,010;

G8L (BruyJ 8^60j

Generals B*nk-J 6,870)

Oeveert ; B,660l

Hoboken

tnteroom ,

KredtattanltL.,J:

Pen Hidgs
Pet/ofli]

Royals I

Sool Gen.)

SoOrai.

Solway.

Stwtfoklntt.

Trflc£Iono(

UOB. _

Wagon* Lite —

+ 910
+190
+600

DENMARK

Fob. ia

Price + or
KvS -

Anddstmnksn -rl W
Baltics Skand 646
COpRendaUb'nU 517
Dl Bufckeitab 405

Peruke Bonk 578

Do bank** Ulft. 1,480

Ea»t Astatic 847

Foreneso Brygg. ®70 •
Fore node Damp. 265 J
GUT HW— 656 |
MAS . 645 i

Jyaka Bank 806 :

Nov© inds . >l^8B *

Prlvatbanken.^-.' 511 I
Pn*rinsbankon~! 485
Smkfth <F.I_)B... 898
Soph us bo rend—! 976 '
Supertoa—— * 550 I

+ 1
-5

+ 9

FRANCE

Feb. 19

Pitot . + or
Fra. i • —

Empnmt H% W . .
Empnint 7% 1B7BiT,4lB i

Air Uqolde Jj 654

Swa minTZ lil [1,6 TO
Baayguae .- ll.ios

UM Gervals. — ,14,890
CIT /Ucatal —11^48*.
CerreloUT— — —13,38a
CUibMedtter'nJ 450
CleBancaJre.— XI06 ,

Goflmeg | 559.5

OemartM ......11,781 .

Party -- 19,66b

Dumessjk. — .. ( fi,U6 :
Eaux (Ota Gan) i

EltAaaltane 919 ,

Em! tor 5L086

Gon. Occidental* 769

I metal _1 82.4 .

Lafarge Coppeaj 948
L-oreei— „.Zw5.Ufl

Lesrand — 2j»io

MatyoqePtianbt-S 90S
Metre «. a; —.[1.600

Moulinex

NordEst.

m

—7
+39
+ 10
+4'
+4
+ 96
+30
+ 136
+89
+99
—6
+ 77
— 3.6
+ 11
+ 110

+88-

+ 47
-lO
+ 130
+8.8
+60
+186
+ 140
+ 10

Pernod Meant-
Perrier-

itatratw Frtu— 4 . 52U|
eia !

• 647

Peugeot 8JI.

Woutb-eu..— |Ulp
aoumeUicljrf^li^aB

c-. -459

UM

«?.

610..

Skta Rewtonol — i
Tetampo Elect .
Thomson (CSF)~
Valeo.

+3.7

*S~-

+5
-3 JB
+54
■*1®.
ii7
+20
-ID
+ 1
+19
+40
+88.
+»

GERMANY
Feb, 19

Pries

Dim

+ or

ftEtt i . _ ,

AUinz Van—

BASF —

Bayer

Bayer. Hypo .

Bayar-Vorein——

BHF^tajnk.—

utiyry

Brown Boverl— |

Commorzbaxifc—

ConfL Gum ml

Daimler-Benz—

Degone— »

3129

898
505 I
671 I
BOS I
492 I
669 !
856.6.
898.9.
804 !

4$5 S |

+7.5
+ 30
+4
-8
+9
+8
+8
-5
1

+ 1.3
+5A
-13

D'Mha Beboockt; 815 •
Deutsche lhtnkj 778 •
QrMdntr Bank— 588 .-

OHH 820

Henkel 588 ;

Hochtief——; 789 1

Hoachtt— 897.4;

Hoeaeh Werke — 179 ■
Hoizmann IP)— • sis :

Horten—, t 817 •

Huaeel. ; 488 ;

Karznult 345 ;

Kaufhof. — - ...- 400 i
KHD — ; 584 .

j iobj:
646 >

Lufthansa .... ; 881 >

MAN .-j 190 ,

Mennesmann— 1 865JL
Mercedes HkL._Jl.10S .

SKWiaiilSxJ

BS3i^.l!So!

+ 6
+ 9

+ 8
+4
+ 2.4

+1
+ 3
-4
—a

+-7

— OJJ
+ X
-17

Verefmyert 415

VoUuwag4HL— -I 6 10

ITALY

, Price ; + or
Feb. 18 • Lire —

Banco Com’taw— >
BaatogMRBS— |

Geatrefa.'

P.I.R. . _.

oradlto K4Uanpi-j 3.196!

Fla t— — — . - 1 8,820!
QeneraR Aaelcur.i 87.000; ■
ItttiCfl merit!—' 55,470*

La Rtnamoenta— , 1,056

Montodiam •— 1 3,1201 _. .

Olivetti . 10,7601 —349

Pirelli Co... 7.

—68

NETHERLANDS

Fab. 1®

I Price
! Ft*

+or

ACF HokJlng — ,1

AEOON

Ahold— '

AKZO ... — ..)

ABN

AMEV

AMRO — — . •
BredcreCart —

BoeKaHsWeetm.

Buehrmann -Tati
Cafland ffim— -■
Dordtache Pefm!

Elsevier 4UDU—1
Pokkar

Gist Brocade*

Holnekec -

Hooflpven*
Hunter Doug NiVl
Int MueUer
KLM

KNP

Maarden

Nat Ned

Ned Mid Bank— ^
Nedlloyd

Oce Grioten
Ommeran (VanLJi

Pakhoed.... i

PMUpa — •

Roto ec o—

a moo i

nco. —

Roranto. —

Roy«l Dindi... —

Unilever — •

V ME Stork. 1

VNU

Wlifsanan — — .
Meat Utr Bank-

876 i—ii
1006 —5.6

74.5 —3^
160.7 -1.4
BBS j— 6

77.5 — ae
lOB -0^»
802 +8

18 J —0.6
142.6; +1.6
26 j -0.7

150 I

162.5 —LB

81 & -0.5
264.51 —4
220.5; -4
86 -1
59 -1

68.6 — 2 J

61.6 -A3
189 ' n.1

64.5! —03
74.T — l^S
800 • -9
178 1 —3.0
421 -0

8K9! -0J

58^1 -a

64.0 -O.B
85 ! -0.5
XM ■ +0.3
75Je -0.4
47A — 0J8
4988 j rvl
366 -1L3

287^1 -6.0

SHiS*

48.3] +ae

MCn ret P i fc i* on. tMa page are aa q n oted an tha
kKBuldwl artBBM and are leal, traded prices, y Oaalins*
aa padaL xdEa dhrldend. aaEk scrip lasae. ar E* right*.
e*E* «B. » Price hi ScbBOnga.

NORWAY
Fab. IB

j Price t + or
Krpn« ]

Bergen* Bank> > 166
Borragaard— ■ 408 '
Christian la Bank, 166 ;
DenNorefce Credl 169 I
Elkflm— — - -j 106 i
Kcsmos— ■■ 1 188

Kvaarnar j 184.5

Noroam.— ! 1S6 ,

Norsk Data | 458.6,

Norsk Hydro— I 126.0]

886#

Storebrand.

-6.5
+ 0.6
-2
+ 0.6
—4
+8
+ 0.0
+ 0.6
+ 1.6

SPAIN

Fab. 19

| Price 1 +or
Pta* ' —

Boo Bilbao.

Boo Central—...

Boo Exterior

Boo Hispano —
Bco Popular....—
Boo Santander..
Bco Vizcaya——.

Drag art os. —

Hid rota

Iberduero - -

Petroleos-—
Telefonica

5X4 I

466 | +0

854 —2

21B —1

678 +3

476 —1

654 I . .....
177.6. +3#
84 +1.8

103 +0.6

260.6 +7.8
132 ! +1#

SWEDEN
Fab. 10

AO A-

Alfa-Laval B - — ;
ASEA (Free)-. —

Astra (Free)

Attas Copco. — .
Oardo(Frae)...— .1
Cellufoea— -I

Electralipt B.

Erioason B. -

[ Price j
iKronor[

+ OT

Mo ooh Do ms Jo-
Ph arm acta-.. .

Saab Scania Free)

Sandvlk— — — .

Sfeandla

Skan Ensklida—

BKF— '

Sonneson

Store Kopparbrg
Sven Hanaiesljn.l
Swedish Match .i
Volvo BiFreol — I

180 :
266 I
325 >
633 »
196 i
291 :
XB1 (
251 i
247
486
227 1
178 .

570 f

800 <
375 •
94 1
328 I
180 I
210 I
301 I
263 !
322 '■

— IS
+4

+13"

+ 6
+6
+ 3
—I
—10
+7
—2
—6
+ 10

-10

+ 3#
+ 12
+6
+ 11
+ 12
+ 4
+ 7

AUSTRALIA (continued)

, Price ; + «r
Fab. IB AusLS —

Gan. Prop. Trust 1 8.24
Hardle Usmest— ' SjS.
Hartoaen Energy, 1.7S
Herald WyTImes 5.4

IdAust 1 2.2

Jlmberlana P.P_ 0.21

Ida Ora Gold > 0,17

Kidsian Sow i 6,6

Lend Lease-.— — 5,60
MIM i 2.62

Mnyne Nloklase..| 3.70

Nat. Aust. Bank. 4.58

News..— 18.3

Nicholas Kiwi | 3J1

HomndoP'cf P/pd 1 0 #4

North Bkn Hhl : SL66

Oakbridce > 1.03

Pacino Dunlop .J 2.82

Pancontinental J 1 J3&

Pioneer Cone i 2.60

Poeeldon J 2.3G

Ouaenatand OobL' 1.36

Reekltt ftCotniarv 4.1

Repco— 1.67

Santos ] 0.3

Smith (HowardlJ

Thoa- Netwide
Tooth.-. 1

Vamgas

r -0.01

‘ +CUM
. — O.D6
; —0.01

; +0^

| +W6

, +OSB
i +0.DB

1 +tuii

— O.D1
— 0.02
+OJM

J +ojn

Western Mining .1

weetpao Bank....!

Wood side Petrol
Woolworftft
Wormald Inti i 3.40

4 JO
tea
6.0
2.40

5.45

4J53

1.13

3.6

+ O.B1
j -0.17

i '+asi

+o M

—O.B*
— 0.B1

HONS KONG

Feb. 19

j Pride 1 + or
HAL 3 —

SWITZERLAND

Feb. 19

Price I + or
Fri. | -

Adla Inti.—-

JUusulssa

Bank Leu-

Brown Bomrl —

Ciba Oelgy 1 3,

do. (Part Certs) “
Credit Suisse. —
Elektrowatt -

Fischer (doo.) —1
Koff-Rnoha PtCtsJ '
Hoff-Roche U8.

Jacobs Suchard

Jelmoll —

Landis ft 8yr —

Nestle

OeMhieiirte . — J l[525|

Pi ram 1 40Sj

Snndoz(Bn-—H|20U

Bandoz (Pt Cts] ... 1,710]

Schindler (PtCtsl B15|

8lka_ 1 I.BBo!

Surveillance A— , 6,425,

Swissair- IJMOl

Swiss Bank ! 64ft

Swiss Rslnsoa.— ild.OOO!
Swiss Volksbk- : 2^60
Union Bank- — .1 4,8101
Winterthur....—.. 6,020,
Zurich Ina. — ! 6,060'

AUSTRALIA

; Price • +or
Feb. 19 lAuet ».] —

Adelaide steams,

ANR Group -1

Ampot Pet.—. |
Ashton ... I

Aust Cons. Inds.,

Aust. Ouarantee.,

Aust N4L Inds— I

APM. !

Beil Group 1

Bell Res 1

Bond Corp Hidgs;
Boral —

Bougalnvillo..—

Brambles Inds . -|
Bridge Oil— — 1

B. H. Prop.

Bums Philip I

CRA -|

CSR.

Claremont Pet —

Cpies iGJl.) —

Comaloo "A" —
Consolidated Pall
Costa In Aust — ;

Elder* (XI —

Energ Rea—....!

11.8

4.73

8.46
1J»

3.8
2.65

5.17

3.32
6.B4
4.B
2.61

3.46
888
4.86
1J65

6.9
6.B6
6.6

5.32
081

4.6

8.06
08
28

5.47
X.76

. +ABI

I ZSitfi
+0.1

i — O.M

; +0.02

i *+08*

I +0.1

( +0.13
+ 0.K
+0JR
+ 0.B
—0.16

. -0.1

1 +oja

] ^o'ii

1 +o'.ifi
+ 0.AB

I —082
+0JU

1 +ai5

Bank East Asia— 1

Cheung Kong_

China Light—

Evergo — J

Hang Seng Bank;

Henderson Land 1
HK China Ga*. . 1

Hk Electric

HK Kowloon Wb.

HK Land

HK Shanghai BK.

KK Telephone....

Hutchison Wpj j

Intnl. City„...^.„'
Jardine Katii ’

New World Dev.

Orient Csaea.—'

SHK Props. 1

Shell Eleot

Swire Poe A — ...

TV-B

World InLHIdga

26.6 ,
80.6 ■
16.2 '
0.71 •
46.6 '
I_94 .

13.8
e.B»
78
6.461
7.96'

10.9 <
*78 J

0.97*
138 ;

6.45
1.99
18.0 ;
0.98 ’
35.76'
68 •
2.65.

-ai
— 08

^aoi

—OJB

—OM

-08

—0.1

-0.5

-0.1

- 0.1

-as

— OJB

MHI • 579

Mitsui Bank.--.. ! 995 '

Mitsui ! 433 )

Mitsui Estate ...*1.070 1
Mitsui Toatsa«" 1 222 •

MltsuKoshL i 576 j

NGK Insulators,.' 936 .

Nikko Sac- i 784 I

Nippon Dcnsob— .,1800 ;
Nippon Etaot —.il.lBO :
Nippon Exuresa-.) 565 1
Nippon Gakki— .1 1,400 ;
Nippon KooakU— 11^40 1
Nippon Man— 1 153 ;

Nippon Oil 860 :

Nippon BeHw 462 !

Nippon Shlmpanl 916 •

Nippon Steel—! 168 1
Nippon Sutaan.— . 359
Nippon Yusen —1 316 -
Nissan Motor..— j 547 j

Kiooflki Flour 643

Nomura 1,190 1

Qiympua : 998

OnodaOament-.., 545 1
Orient FI rionoe— '1^)60 .
Orient Leasing —.3840 ,

Pioneer 1,790

Ricoh 930 ,

Sankyo -1.100 !

SaiunBMk— .1,510 j
Sanyo Poet — ; 385 '

Sapporo ...... ; 694 r

Sekisul Prefab — 1 888 I
So van- El even —.'9.590

Sharp — 872 ;

IShlnriru Cortrtn , 401

Shlonogl — , BIO '■

fihlseJdo — , — 11,418
Showa Danko — ' 254 .
Sony.— ——8.660 '
B+omo Bank —'1,890 1
Stomo Chem - l 260 '
StomO Carp.... I- 7B1 :
irtonw Elect — - 641 {
Stooio Metal — 144 -

7atae Corp 366 '

Talsho Marine—.. 660 I
Tatyo Kobo Bank 1 706 ,
Takeda 980 I

Tea. Nenryo— «:1800
Total Bank. — V 976 I
Toklo Marine-. . 904 !

Tokyo Elect Pwq3^10

Tokyo Gas. .....

Tokyu Corp 1

Top pan Print

To ray

JAPAN

Feb. 19

! Price
: Yen

+ or

Ajinomoto— 11,290 ; +80

All N I doom Air. ...' 801 • +1

Alps Electric ;l,770 . —60

AsahlChem- ■ 738 ] -6

Asahl Glass 913 -8

Bank Tokyo. — 710 ] —9
Bridgestone—.' 640 +6

Brother Inds. , 581 > —3

Canon _ ,1,000 ! —20

Casio Comp ! l,eOO | —40

Chugal Pharm , 967 , +13

Dalai.. .. 944 +39

Doi lohl Kan. Bk.il.61Q * —60
Dal Nippon Ink.. 51B +3

Dal Nippon PtaJl.370 i —10

Dalwa House 910 r +6

Dahwa Sec , 869 • +6

Els el 1,380 , —20

Fanuo.^ —.6,690 — ZXO

Fuji Bank, 1,660 ! —20

Fuji Film 1,830 —20

Fujisawa i 943 -7

Fujitsu 970 —20

F’jrukawa Elect.) 339 +8

Green Cra«— .. 2,030

Helwn Real E«t-| 835 + 13

Hitachi——.. — .... 735 —18

Hitachi Credit-. 1880 —30

Honda—- .— 1,060 —30

IndL BR. Japan— 11.080 -60

IshlkawajlmaHrJ 161 +8

Isuzu Motors— 360 —4

itoh (O. — — 441 +4

I to. Yokado 3.470 -BO

JA1 19 inn -800

Jusco— — l^MO +80
Kajima— 536 +16

Kao Soap. '1,130 +80

Kawasaki Steel— | 140 + 10

Kirin—— 866 +87

Kobe staal— .

Komatsu —
Kontahiroku.
Kubota—
Kumagal— ....
Kyocera— .
Marubeni.—
Marul

193 ;

466 {
692 ■
! 366 !
1 649 l
4,430 i
330 .
1,780 I

Mazda Motors— J 380 j

r>tnrn_-„|

Melja 6eika_— J 663
MEI— — 1^20 i
M’blshl Bank— 1,460 .

WbUhl Clirm BIB •

M'blshl Corp 1 618 .

M'blshl Elect- — i 331
M'blshl Estate—; 1,160 1

+ 8
-5

+ g"
+ 8
—160
+ 6
+ 10
— 1
+ 6
-20
—20
— 1
+ 11

JAPAN (contkned)

■ Price ; + «
Feb. 19 : Yen 1 —

+ 1B
—is
+3
+ ID
+ 1
+ 15
— 6
+ 5
—ID
—30
+ 8
-60

+ 15
+ 6
— 1

IP

+ 9

+4
+ 10
-SO
—40
—39
—10
—1 0

—5
+ 12
+ 190
—8
+ 16

-30
—10
+5
+13
-8
+4
+ 10
-8

-180

+ 2 -

346
646 I
1.090 :

_ 498

Toshiba Elect 350
Toyo Balkan.— ...1,750
Tbyota Motor— 1 1,1 BO
UBE Inds— 1 219

Victor —12,170

Yamaha— — — j 661 .
Yamalohl See— . 726 ,
Y'manouohlPhmiS.OSO .
Yamasalci 986 j

Yasuda Fire—...-* 550 i

+ 30
+9
—3
-20
— 1
-7
+40
—10
— 1
-70
—IQ
-S
+ io
-15
+10

SINGAPORE

Feb. 19

Prion + or

Soustaad KldgsJ

K!!=S

Oentlng

Haw Par. Brea.—
Hong Laeng Fin_
Inchcape Bhd»..

Kappel Shipyard

Malay Banking—
Malay Utd. lad-

Mum Purpose

OCBC

OUB ...

Public Bank— —
Blms Darby —
Slngapopa Air....*

Singapore PrcssJ

Strelta Trdg.

T«t Lee Bk

JOB--— 1

1.00

2.61

438

4.04

ISO

8.17

1.47

0.B8

4.30

1JI6 |

0.44 1

7.80

2.36

1.06

140

6.60

6.26

2.10

2jOO

3.34

+04«

+O.OS

*ai2

+0JM

+an

+ 0.01

+0.05

+0.01

+aio

+ 0.10

+0J2

+022

SOUTH AFRICA

Price

Feb. 18 | Rand

Abe room — J

ABACI

Aided Taoh

Anglo Am. CoalJ
Anglo Am. Corp -•
Anglo Am. Goid-
Ba relay* Bank— -

Barlow Rand t

Buffels 1

CNA Gallo:

Currie Finance.-]
De Beers ..... — — j
Oriefonteln — ■
PS Gcduld.— 1

Bold FieklsILA— •

Highveld Steel—]

Ned bank 1

OK Bazaars -)

Protea Hidgs— j
Rembre ndt— — ,
Rust Plat— —|

Safren- — (

Sage Hidgs ;

SA Brews- -

Smith iCG) —

Tongaat Huletti

Unisec. J

+ or

8.45

11.5

53.6
46
41
886
10.9

16.5
72JSS

2JJS.

6.3 |
18.8 •
54^ i
7016

30.6 I

6 jo ;

7.4
14 i

3.39
45.0
8BJ1 i

16 l
10.2
9

27.29

8.00

6.60|

+ain
+0.6
+0.6
+ 3
+ 1
+ 8

4*535

+ OM

+as

+ 1.7S
+0.6

+53*

-1M

Z5!'i'

OVER-THE-COUNTER Nasdaq national market, closing prices

Sshr-..KQl> las lad On
PW*) '

Continued from F&ge 39

OpIlCC

OpUcR

Ch banc

OrM

OrfaCp

Ostann

Oar TP

OvrEsp

OwnMs

Oxcco

•BS ISg
41B 2Hs-
224 13ia
BIB 9
270 41*

.20 643 .191*
234 88 36< f

1388 91*

28 328 )ri«

. 1185 7-16
P

132 810 42!«

140 IBS 47%
7617 Mil,
322 14i 4
253 T8X«
136 11^

an

.13

.50

SCO

PNCo
Pacer
PacFsl
PacTel
PacoPh
PsncMx
ParfcOh
Pa BUM
PautHr t
Paych*

FWcHC
PcgGU 06
PenaEn 220
Pernsis .72
PeonEx .10r 4000
Polrlte 1.12
PtumO
PSFS

PWEI ^30
Phn*Am

10*4

Vs

970 IS
200 24X4
30 12
340 7i*

27 3734
733 32> (
IP*

SB 20.
235

.15e 146B5 1?i
1816 "•

1514 1S^+-«4
2»4 S,

13 13 - h

87«+ 14

4 .

» IWj 4
367j SB’s + V>
S’* 9 - tr

We 17 - V

3* 7-10 + Mb

Q

41 42i« .+ II4

«T 471,

I6I4 WV+ u

14 14'4

Sf-St“ fc

147* W*

a* 2*-3,

1 V* rn .

7 7 4 '*

37 ®3*4 34

30i* jjj. + 15,
9 f | *! 4 H

26Xi 20* “ '*
7*S .7*8 “ U

Pie&av

•

B43

ST),

PicCois

52

182

23to

PlonHi

104

694

381*

PioiCt

.12

32

A?*

PoFoflc

44

9

fteyUfl

392

Pom*

wzas,

Powell

»i

w*

Powrtcs

688

w.

.12

PwConv
PiocCst
PrpdLg
Pram
PncCm
Price Ca «
Prti on it
ProdOp .18
PiogCs .12
PiopiTr lift
Provin
PurtBn
QMS
Quadra
OuskCn
Ouertm
OuostM
Ckiboie

Quotrn

.40

.42

RAX

RPM

BadtaT

■Rodleq

Hagefl

Rainer

Rav£n

R«hCr

Readag

fiocom

RedknL

Reeves

78 12
74 3ri2
161 Wj
2680 63*

xSK B'a

VMS 3SL
302 i2*b
. 41461B
W6 6M,
41 lilj

16 '2Z«2

186 38<4
1059 1H’
439 -Wa
29 147*
712 2U4
733 -6'4
247 . 26*4
5110 IS*

R

93 Big
6« 2H|

373 Wi?
383 Sk
11 715
. .330 _ SM
1 06 156 37
W W4
3bS 2
117 25'*
- 145 I3to
46 32' t
1636. ISA

7»* . . . .

121} 12 iat 4

•* *#

37 ■ 87-14'
22% 22X4-1
371? 38 + i*

. 9*5 " ’*

SX* «4 -
17 17 - b

2BXi 2ft- »4
1X» «S - %
17 17 +1

IP* 117*- 1,
31 31 — Tj

-a -at i

8 1 4 9

389* SBii - I4

.019

■ti

2 *

64

4»4 4618 + 1-16
63 W - fc
11% <7*9

37 1 ? 38 1 *

11*4 If*

101* JOS* - X,
141’ 14*~ #

21b 20* * I 4
5Ji 6+1,
■2Bi* 86*}

13% 13'j — to

R

73* 71*^ 1|

2fT| 21 . 4 14

1 ?*- s

365* W.

IBto 191, 4. to
V* 1 15-10
» 25 + to

- 1H| « + to*
31 to 3fito 1 1
15*» IS*!- .

griff*.

RgeyB

Wss Wb& Law Lad Oag
IHwhJ

Relrab

RpAuto

RpHMi

Reuicrt

RsotrH

ReyRey

Rhodes

RtbHms

FUcnEB

Rival

RoadSv

RpbNufl

BabVsn

Houses

RoyPim

Rwifts

RuvPel

RyanFs

SArind
SQ 8y
SB
SFE
SRI

Safeco

SaMm

Stiude

^Pau#

SaiCpi

SanBar

SiuetSy

SawFs

SBkPSs

SotnOp

SUtlTrs

Scherer

SchbnA

SciMc

setsn

'SCiMX

Sea ON

Stags ia

SecTag

SEEO

Bubal

Barmen

Sent.cr

SveMsr

Smyns

Service

SvcFrct

9e»Q.-»k

ShrMed

Shwml

Shemys

Shekn

Shoneys

Silicon

Silicons

Siocvai

SiUCft*

SKWC

Sihipln

Sipplns

Simon:

Skipper

SOW hi

Sotnch

SoHtoA

SonscPs

.Z> 1375

.12 28

50

.16 110
1084
-15e 85

-2Ge 4019
140 24

32 999
• 454

5

.80 2

1.10 1104
.06 131

181
.M 145
I 55

119

6

102

107

wei

43

.10r 33.

.80 149
-24 1547
1.60 698
12
1155
3 7GB
787
24

.14 76

.88a 158

.44 640

846

■ - • 42

.32 388
.44 78

51
7

227

3

6121
89
595
SO 242
45

05 1674
.08 3071
.84 683

I 20
273
.18 252

.80 1014
164 95

156
555
.18 904
30
772
338
326
662
9

JD 356
80

- 23S
.06 272
. 290
1.34 33

MO
53
407
.631 267

7 6to
W. 16
5to 5to
Bto Sto
16X, 181;

12to 11 to
35<* 34
59 581?

23 22i ?

7i* S’*

25 25

163*. 163*
335* 33b

R R

2Sto 29to
9<* Bto
ir ®

n Ud*
295* 28X*

S S

10 SI*
17H IGto
?4l« 24

9 8»*

IBto 19<*
277* 323,
M'! 54to

13 ir«
21X* 21 '?
W, OS',

?!
into ioto
32 31ij
239* S3>*
13 12S,

IB*} fri*

Oto 731*

34

Bto

3to

9to

2

3*to
5*i

5 *

«i

S
St

zzto 2«*
6to d«

r. *4

*4 13to
233* 23b

■st ■a

an* 211*
37s* 371*

iS a

221* 22*2
9to S'*
29to 2»to
141* 14

4b y,

15»* -1M,
Wj 19
25>* 241?

5ij 5
2? 21*
ItX* 111?
IS 1 * Iris

Mto Sto
2to 2to

58 571;

37 3Bij

103| IDto
Wto 19
333* 33**

7

16

5to- to

2

12to + to
35to + tto
56'j " to

2b

16X.

38’j - 1,
12to + 1*
S'J.

29>*

8to

M*

10),- to
29 - to

10 t to
ISto - to
?4 to
9

19to“ *4
zn,^ to
54to+ to
13 + to
2Vj^ 1,
931?

Tto- to
7to
TOto

32 - to
23to T to
13 + to
18to + '*

9-1.

9’j " to
3»* + to
»*- to
2 + to
2to

*a

23i;- to

+ to

- t,

+ to
- to

2§+ H
37'*- to

441* - to
22to- *4
S'*

28to“ to

14

4

I5to
W*

» + 1*
ito* to
2P + to
I'to „
IB + to
10 toT 5.
2to

5T3. ♦ to
36to

10to+ to
19^ + to
S3', - to

Sack

Soerfd

ScHOSp

SrttdFn

SoulrM

Sovign

Sovrans

Speedy

Spar an

SpecCU

Spire

SurSur

SwfBid

Standy

StdMic

Swnfim

SiaSiBs

SuwG

Slciger

SiewStv

Srwtni

Slfd

Stratus

SlrwCIS

Slryhrs

Subaru

SuDiB

Summa

SumlHI

SunCsl

SunMed

Suprte*

SyrnbT

Synccv

Syrnech

Syntre*

Eyoccrw

SyAsoc

Systln

Syslnig

Syaum

T8C

tca Cb

TacViw

Tandem

Tandon

TcCom

Telco

TicmA

TeiPius

Tetecrd

Tehrid

Teirtn

Tdxons

Tmmqt

Tdorpt

Tnermd

ThrflNs

Thoncc

ThouTr

Tiprflry

Toiffiyb

TrakAu

TnadSy

Tru&Jo

Site High Isa last Bag*
(Hass)

141, - i 2
4'*

19'?- 1,

21 + i-

8 to- to
XJ?- ’•

25)*- ' B
W«- to
Sto- to
i»«

w, - to
9+to
371* -1
15*2- to
26to to
4518+ '*
fto- to

15'* + to
23 + 3*
IQto

lBto- to
473* — 1*

203'; - 10to
B6to- ’?
33* -r M6
Sto- to
1 IMS
111,

to

107, - to
63* - to

91* - to

■60s

36

94

’Si

”<>*

52

35

19),

19';

.68

209

21

20»,

10

1440

Bto

128

1048

343*

343,

906

26

2»to

88

20

W>.

.07

305

B’b

8to

28

IF,

15to

163

103,

03.

.20

148

9

B3*

108

60

3ri?

37

1083

»Sto

151;

1 20

12

361*

»*

64

321

45'*

45

.053

830

6';

6=9

22

5’7

£-’4

133

15'*

15

.72

11

23

?2to

155

1<Ss

Id*

4837

190*

10i;

.76

64

48

471*

108

261;

26

228

227

213

203i?

1-92

150

Bn*

96 1 ;

516

3=*

3to

.10

261

B'a

w.

135

ito

1 11-16

43

113*

11'?

53

3to

125

11'*

10-to

868

6)*

165

9?*

Bto

205

«a

.24

160

IT*

TZto

107

10).

10

171

9

®*

5

15to

MS*

.08

231

26

25'*

-it ?6
87
2129
3310
46
742
4021
1939
.36 310

3SS
260

.01 661
27
379
109

.76 689

237
729
1018
20
72
426
.48 70

T T

113* II'

26

3'*

26

Sto

Kto

3

25>,

5

16J. 15'*
9'* 9to

403* 40to

Bto 8

3CT. 233,
3to 3to

If*

2ri- 27

%

.3

7to

B’j

7-16

USUCs .80 x313

UIL

299

Ullrsy ,08a 749

Ungmn 1890

Uml> 170

UnPInlr 48

LIAGms 06 22b

UBAlSh .Ibr 47
UBCd 1 0B 94
UFnGrp 110

Iri, 17to
39', 36- a
Wl

34', 34
13'j 13'*

W* 271;

u u

2Sto 28
17 163,

9* 93*

ir a 13to
into 19>*

33 12';

26:* £6
9';

33'* 32',
63* Bto

3Jb- to
4to - to
ITS* * to
29to* to
fs - to
Bto- to
to - vie

34

13to

V to

P'a

irto* to

19'*- to

33

M

9*7 T to
33

Bto- to

Stscfc

Sam High Law Last Qmg
(Uadi]

UFstFd .05* 470 23'*

UGrdn 1641 160 1(0*

UPresd 590 1<i«

US Ant 403 7-16

US Bcp 1 232 333*
US Cep 175 5

USDsgn 158 3’;

US HlIC .05 4789 IBto
USSndl .12 53 41?

US Svr ,40 q 607 21’,
US Til 1 32 773 53'*
usraw .24 191 2S'j
UnTWev 39 27

uvaas 164 106 53

UnvFm 375 28

UnvHil 678 14S*

UTSB* .15e 1191 17

U&eal -2S 7 3 S*

V

15S 5';

VU

VLSI

VMX

VSE .176

ValHJLg

vaffSL I

VdlNH 1 32

ValLn .40

Vantdi

Venliex

Vacrp 120

ViedaFr .23e
Viking
Viraiek

224* i6i;
881 5’,

57 111?
498 Bto
268 31
1847 45'*
28 27),
2087 41;

776 4to
1098 ’5to
245 ri,
754 193,

155 29

22i*

1D'|

14

33-16

33

43*

3

?

2«,

27

51to

253*

14'*

16>*

53j

5to

16

5

111 *

30'*

44',

27i.

4

4U

14',

A

28i*

22), i- J*
«to * to
141*+ r*
3 3-16 - to
33to t to
5 T to
3’s T to
17J„- to
to

Wj-1’4
521; *-1to
243* J*
27-',

52 + a*

28 + to
14to~ '4
163* + 1?
S’*

Sto* to
16'* + to

5I » „
IT* - to

Ml? - to
« * to
tr, - to
4to -
48,+ to
15', - to
Tto

183* +1
2B 1 ;- 3*

*»* to

Vedavl

125

9<;

9'*

Bto - to

13

VoUnf

48

18>,

iri.

18 - to

w

w

U* - 1?

WD 40

104

102

23to

23

23i?+ to

26 +1

WalbCs

.32

M2

21to

21

?lto * to

WlkrTM

111

9”!

9

9 - 3,

1H,

WshE

1 76

273

25to

25'*

25'*- to

2S>s - 1,

WFSLs

72b

270

34),

34

349, +.1*

3to - to

WMSB

.10s

1301

24'*

233,

23to - to

2Sa - to

i WavMk

556

9i*

»to

5 - 3&

Webb

.40

504

13

iff*

129* - to

15), + to

Wmjtfn

503

30to

293,

30 - to

£"* - >9

WstPSL

3053

IB 1 *

171?

17J, - to

403, - 1*

WMicTc

54

93,

Sto

«* " to

S'*- to

WIT1AS

447

20

IBto

I9to- to

203.- to

WiikkC

.43

407

17

’fito

16to - to

3to- to

WslwCs

566

143*

147* i.

«to + '*

97i. •+ r.

wenra

unraf

-S3

417

4147

%

39

Ri,

39', * i*

fv. 1 1.

WiCcoffl

WilMlI

WillAL

WmsSn

WibnF

UVindmr

WearO

Wooded

Wormgs

Wrner

2753 3 1 ; 3' B

166 *858 50* 553*

491 19to 18to

46 22i? 213,

371 71; ~

576 69,

170 141* 14'?

88 13’j I2to

.60

.60

fito

.iSe

262

3

2S»e

3to

»)* to
19 1 * * to

*$"%
iSr ^

T3to

2ffs + to
Sto ♦ '*

Wyman

.60

13

23*

24'?

20 *

X

Y

z

XbPse

387 1 15-J8

J to

kicor

3035

up,

ai*

10

XnJe«

4180

14'*

3£*

Wa

VI0WF5

2100

*3®

3£b

Ziegler

.48s

88

'»*

1 C;

18*7

ZtanUt

136

6

49';

49to

Zital

35

4i*

Z.yad

tondvn

ZynK4

326 6

Sto

376 IP? It
133B 2-a 21;

6

16 to
29-16-5-16

NYSE COMPOSITE CLOSING PRICES

J2I
Hjgti liar

?'F

t/ $k flm Pmr

tain E HRsiiRb lav OsnCtaM

Continued from Page 39

Z250 WJ* 85 66)] -to

2 ' 26i* gat* Kto +to

97 .66 W«F-p!7.75 89

38), »» Vma. |02» 97

fl«8 2Bto WUCFU84 63 11 ®1 «r»'j 4^8 -*|

44 293* WMcP8t86 AS 10 73 u44'» «to 44to +to

aOto 33 -WNB9- IA9 a.a» 979 50to 4«* -to

14 ay .WoTwW.M ■ 22 344 ”to 10 ’3 Iffto +%

Bi'pc

are

12 Monb

fl

Sb

Dost Pro

1? Meat*

P/ SI*

□ota Pray.

rte* LBS

Dm

TM {

100a High

Low

CameOeMi

High

Low

Start Dm

TO

c

'00* High

low

(konQme

7tto 38to

Wblwth

2

30 13

69%

66'*

66n* -3%

569,

49

Xeio, plS 45

96

193 56';

56%

7 to

100*3 56

Wolw (H3-30

23

5 B6'2

359*

95), - 2’ e

37

Sb

ZalcCp 1 32

3?

14

1009 36%

Kto

»to

-to

Bto 3

W'WA t

8 42*

«*?

4tj +1*

28' »

20 1 ;

2aleplA.B0

28

i 28to

28'*

2B%

-to

IDS'; 571;

Wrlgiy 1 80a

1 B 17

104 105

102

102), - Ito

3';

iipaa 03)

28

1838 4

V*

Vt

4'J *8

Wuriur

5 Sto

3to

r l.

66),

40',

23V f© B 48

7

19

601 6Si;

55>;

65%

-to

lri| KPg

WyicLt)

32

19 ’4

573 uiri? W,

17 —

24%

16to

ZwiiiHE

109M17B 21 *

PI'S

217,

-to

233* 15

Wyima

.60

3.6

70 1b v fl

«to

«s * to

30%

9*

Zen Us

20

1271 213*

a;*

23

Y

Z

•23%

Iri*

Zeio b 35

15 IB

438 U24

23to

' J

9 42%

Xanu

3

4 4 15

5245 689*

673,

B73* - 1?

423,

2Sto

Zemin 1 32

11

15

165 42’;

43

43%

“to

CANADA

Safes Sunk

Low Dots dog

TORONTO

Closing prices February J9

36168 AMCA In'

8M0 Abcriortf
2180 Abimn Pr
20310 Agnico E
332795 AHJfta Dl
7000 Alone N
265591 Alcan
100 Algo Cent
12252 Aigonu Sr
33500 Asamera

95132 Atca I I

2500 Atco n

BC Sugar A S

Sirin 19, iff, * i.

523*;

S23<a

dor,

S14J,

545

Sid*

SIS’*

591;

590,

23 23

227* 23

10to IIP;
141, 1*ij
441* 441*
1S>« 1P1,

173* 18<*

9 9

13800

7364

sa

SB

S9)«

S5

saoto

513

25 s *

230

305

511

225

5l6to

S40-S

S6%

SS'I

512>*

171

S26'*

$133,

520
5181*

S30to

S1«B

521
5271?
280

BGR A
BP Canada
Banister C
51535 Bk BCol

79908 Bk Mod

689009 Bk NScol

458973 Bdl Can

10400 Bhiesky
207934 Bonanza R

117272 Bo— Vary

40000 Bralome

25133 Bramdea

10629 Brnacan a

20900 Bikmuer

1300 Brenda M
30783 BC ForP
395090 BC Her.

85655 BC Phone
862 Bnnswk
15474] CAE
43500 CCL B I

loss ca.

54950 Cad Fra

25800 Cambridg
25299 Camp RLk

2450 Camp Res
400 Camp Soup S25to
2300 Campeau 1 5227,
895 CCetn ex p 5125,
17389 CDC I 510),
1845 Can Mali SJOi;
104458 C Nor West SIS
2442 c Packrs 534<*
4500 CS Pete I 2S5
1235 Can Trust
100 can GE
282833 Cl Bk Com
106000 C Marconi
6025 C Oedema!

468241 CP Lid
123611 CTire A 1
13865 CUbl A I
4700 CUtll B
224800 Cantor
1475 Canran A
3785 Cara
107800 Cara A I

32620 Carl OK

2B1SS Carma A

13700 Carolm
10398 Calanese

40200 CeraFd A

31425 Gentrl Tr

3572 Chi niton

S421*

S75

S20i*

S21to

8181*

S171*

5133*

518
SIB
Hi
SIS
SIB 1 ?

519
S12 1 ,
21
230
114
SB 1 *
S15<;
SBF*

^ P-

fl

430 49S

299* 30
12to 127*
38 38to
ns 2is
280 230

100* ICO,
22S 225

16 16
409* 4CB*
E>* Gto
8'n &to

a 1 9

251; 261*

IT* 13i*
187, 190*

18 IB
30% 30to

141-. MU
21 21
26to 263,
271 271

244* 25to

22to 22.’*
121? 12to
9), Sto

ar, 20i*

141* M<*

33to 303*
275 295

42to 423*
75 75

19>* 20
211* 21 ’*
171* Iri*
IBto 17
13<* 13)*
17'* iri,
18 18
IP* 12
15 15

19'? IBto
U3* 189*

1U* «

20 20
225 225

139» '35,
6'* S’*

15 T5to
9to Bto

-to

-'*

-to

-i

+'*

-20

-to

4 to

-8

*h

’A

* to

+ 20

+ 1
♦ to

-ri*
+ .,

-to

-to

*>!

-to

Sdn

Start

H«h

low

On

Bos

SSn

Sort

HiBk

Iff/

Osa

Dffli

300

CHUM B 1

3471,

47%

<7i.

i-%

900

IpstQ

51?

uto

llto

- 1,

21912

Commcn

S1 1),

11%

11'?

— %

Ivaco A 1

5221*

3%

22%

♦ to

4550

Gran putlog

56;

51?

8

-1%

400

tvaco 8

S22%

22%

22’!

7350

Cpmpul In

Mtf

2S5

T 1

18150

Janrsck

S2S3*

S'*

2?;

EE

234

220

220

-s

97200

Ken Add

517%

17

17%

♦to

Fv

era

237*

- %

7»

Kiena Qk>

524

24

2«

i-*b"

L^lll

SG

53*

53*

11553

Lacan

5341*

331#

341*

♦Ito

3348

Cons Qua

$241*

B4-,

i*'t

-%

123590 LL L3C

S3ri*

35%

35%

-u,

8862

Con Glass

520

SO

20

“to

3380

Lacans

5®,

Sto

Sto

♦ to

12068

CTL Sana

SID

3%

3>,

36040

Latalaw A

516%

16%

16%

- ’a

2460

Cnnwsi B

»a

$%

B%

151387 Laidlw B I

518%

1S1*

16%

♦to

4685

Corby

SIB’;

ia

18';

-%

31445

Leign ins:

445

440

445

• 5

an

C Falcon C

515%

15%

-15%

-to

41780

Lopiaw Co

524%

24%

24'*

-to

Ceseu R

170*

160

168

*8

16675

Llrmomcs

*1535

15',

IS’*

-to

<00

Ccratam Ud

Sltf,

10J*

109,

40200

M1CC

335

325

335

2500

C,D«rui

S3fc';

2P*

26<«

— to

143*

MSR Ek

245

245

24b

S25>*

2A,

25

29BV4

Wcittn H X

515

is-’a

18

♦to

Irp 1

135

125

125

rS

684

Mdn HY 1

Sto.

«%

14%

445

410

435

— 5

25809

Marmilan

S26 1 ’

26'*

26',

CE

IBto

107*

-%

19*645 ktafliva A f

5041,

Mto

23),

4 1

33380

Denison B

510),

Hto

10%

♦ to

3638

Mdrilimo f

514%

13%

14%

- %

9600

Dev©] con

330

325

3X

1825

Mark Spue

SIS*

13'?

U%

♦to

2320

DKkflWl A 1

STS,

n*

ri.

9506

Mw Far

385

282

28?

-3

720

Dkknsn B

573,

ri*

ri*

9840

Mertand E

240

237

237

*15

18970

DOldSCO

Hri;

27

271,

3500

Mtnri Res

23?

228

228

- 2

ft: 1- ’l- 1

56 %

6

6

68140

Mile) Corp

58

7';

7%

-to

S14*?

IJto

139*

- to

900

Mortal

5 14U

14U

14%

- to

290618 Dome Pole

212

204

207

-4

£!01B

Matson A f

523%

22i;

S3

♦’*

11038

D Terli©

515%

15to

15%

- to

7600

Matson B

523

S?!

23

♦to

286387 Domrar

£28

2ri;

27%

“to

1000

UGny Bk

520%

KP;

20%

♦%

3400

Donohue

523

2?to

23%

- to

7500

M Trusco

*' 7to

171 -

Iri,

♦to

3600

Du Pont A

329),

=Bi;

ZB;

177683 UOOTB

531

3D%

30%

♦ to

35570

Dyl» A

ST63*

16%

16%

6500

Uurphy

Slri,

17

Iri,

♦ to

100

E-L Fin

S43'?

43%

43%

» %

105344 Itai Bk Can

524U

sa%

34

♦to

68961

Echo Bay

Slfl's

19%

19%

i-to

2C241B hi Va Tree

S24>*

23

»

♦ %

226

Emco

*23';

23'?

23%

900

Nil CapA 1

57%

ri-

7%

♦to

6150

Equity Svr

S6--6

6

6',

»to

2800

fiWd LP A

sin.

Iri-.

173*

♦ %

3700

FCA inti

5271*

2ri*

27%

- to

90915

Notanda

815%

15'*

15'*

- to

105083

FtalCrttg

Si?i*

2Tto

21%

17867

Nanvn

S13<*

13

Mto

-%

13684

Fed ind a

6141,

U-%

14

-to

1763

Hncn rad 1

SI?

1»*

l?

♦ to

1100

Filming A

SIS'*

15

15',

-to

350

NC CIS

$11

I(P*

11

200

Finning 8 1

314),

14%

M3*

”%

226B60MC# TM

533

Mto

38%

-to

200

FCrty Ffn

51 Ito

"%

11'*

T 1*

9700

Nortnaji

450

440

440

♦ 10

38

Fold Cnda

5102',

192%

192'*

500072 Hra AHA 1

S6%

b

6

1700

GandaH

59

S3* .

S3,

- to

33*00

Nowsco W

sn%

109*

11%

♦ 1

6300

Gaz Myr

5107*

10%

107,

12665

Nu West

36

38

36

BQ30

Geac Comp

S6 ; j

6i a

6%

-%

38600

Nunuc

sa%

8to

8%

GenrtK A

5341;

34

34%

7000

Cakwood

55%

5%

s%

♦to

1 13550 Qetstar L

SJ8>;

33%

38'*

- to

B33S

0ak*d a /

41S

375

3*

-40

18825

a«m Yk

521'?

2D 1 ;

Slto

-%

raoo

Ocetoi B l

37$

350

360

- 30

2900

Gauliar

38'j

Bto

8',

- to

3JOT3

Omega Hyd

55%

5 %

s%

-to !

543060 GoWcerp 1

Sri?

7'i

7%

- %

25617

Cisnawa A 1

534%

33%

34%

♦ % j

103850 Grafion A 1

514

15%

14

♦ to

10830

PocW Alrl

513'*

12%

13%

♦ '- I

784

GL Fores

520),

201*

203,

▼ %

44100

Pgurin A (

514'*

14

14%

♦to

187B

Greytlnd

S24'*

24%

24%

25820

Poroouf

SIQi*

Sto

10'*

♦%

EPS]

GusrPA r

511%

11%

11%

-to

3050

PanCan P

525%

24

24

- 1

. 60362

Gull Can

515%

15

15

-to

3800

Pegasus

S0to

Bto

Bto

♦ to

1962

Hawker

S22to

22%

221,

-to

1700

Pcmpina

SIS'-

15

15%

-to

ffvFl

S13';

12

Uto

■» i

4900

PJenfl A 1

513),

131*

13%

♦ to

527'*

27%

27%

+ '*

4863

Pine Point

SltP?

10

101*

- to

300

Kerims A f

520

20

20

-I

33360

Placer D

5231,

220*

OT*

1726

H BayMn $

Sri*

7i,

7 'l

48451

Poco Pal

S6%

fito

IPs

-to

5881

H Bay Co

S26

25%

-%

56300

Powr Cor t

5271*

25%

S5to

185111 Husky 0(1

58

7

ri,

“to

900

Prucamo

4»

400

400

-25

66278

Imasco

525

24%

243*

- to

21496

Pr Dingo

SIS'?

171,

18%

♦to

26584

Imp pii A

5423*

«to

42to

-l.

6200

One Siurg

450

425

440

♦ 35

98157

Inco

519%

19i,

15%

-to

10650

□tie Tel

543

42

42

2500

Indpl

621to

21%

21 '»

79650

Ranger

400

370

380

-20

2600

Inland Gas

510%

10%

10%

+ to

10300

Rayrock 1

Sri.

67,

7

14800

Innopat

518

17%

13,

-%

12875

Rcdoaoi

518%

I?-'*

*8%

♦to

3600

Inter Otv

SIS';

IS'*

15',

- to

3600

Rogionl R

3*5

330

330

-15

111000 Inti Thom

Mto

8

S'*

3000

Reiiman A <

*28

28

SB

7300

Inter Pipe

5391*

39

39

«*jii)

Rio Algom

S2S

243*

243*

+ to

1600 Rogers A
63245 Rogers B I
MOO Raman
3400 Rothman
202731 Royal Bnk
28971 RyTrco A
39296 Royex
7050 StL CemA f
14890 Scephe
650 bed Paper
190X Scolb (

4fl 164 Seagram
194137 Scats Con
855 Selkirk A I
76520 Sneil Can
29755 Bhcrritl
520 Sigma
7704 Sou'nm
9004 Spar Aoro I
2100 Slombg A 1
1159C8 SlelCO A
34686 Smpua
1700 Tara E*
9WS0 Ted. B I
1450 Tula Mel
8718 Terra Mn
12635 Teuco Can
30381 Timm N A
294482 Tor Dm Bk
3976 Tor Son
5937 Tcrsur B 1
ROOD Total Pol
?16B Tudori. A t
22162 TrCan R A
2156 Tma Mr
30712 Tm Alla U4
44411 TrCan PL
427402 Ttilon A
4813 Trtmac
7100 Trinity Rea
400 Trizce A 1
2940 Tnzce B

F - No young rights
rights

H*

Law

□tots Oag

514%

13*?

14%

-to

SIS’*

18

18

♦to

S10%

10%

w*

♦to

533',

33

33%

-%

523%

29%

29%

♦ to

5271*

26%

261,

-to

280

265

275

+ 15

528

273,

2*i

-to

370

240

251

-24

523

22 to

23

5321*

31%

3?

♦to

572%

70%

71

"1%

512%

I2to

Iri*

523

23%

23

+ 1,

S20%

20

201*

♦to

S7

6),

7

+ %

59%

81,

91,

517*

17%

17%

-to

525',

24%

34%

-%

538

37

37U

526%

26%

sal

♦ to

69

65

65

519

19

19

S19-*

13%

19%

+ %

5331;

33

33%

♦to

260

270

270

LV|

34U

24',

-to

526%

Mto

26%

- to

521%

22%

JJ%

♦to

S2t>

»l

a%

- to

*37),

37

37%

+ 1;

521 to

20%

!W,

—

530%

30'*

JQ%

- U

140

131

13?

-3

511%

1"?

11%

•to

S36S,

26',

Z6U

* %

5 IS

iri,

IS

+ %

527%

26%

36U

-to

285

260

2’5

+ 5

112

110

110

529%

29

29%

6M%

2£P a

39%

+ %

or rosniciod vetmg

MONTREAL
Closing prices February J9

148975 Bonk Mont

530%

29%

Mto

6480

Bom&rdiA

Slri,

16),

16 ),

9140

BombrdrB

Sir

16

I6u

3100

CB Pak

S24>?

25

25%

45325

Cascades

514%

U

14

1600

OL

830%

30i?

30%

24174

Con Bath

523),

Mto

23%

12661

DamTxtA

S15U

I5to

15%

19500

Cos Vkaro

SKV*

10%

1ft*

6600

MmFrst

S17J*

Iri,

171,

252956 NaiBk Cda

524%

23to

24 ‘

83115

Power Corp

S27%

24to

25),

66019

Piongo

SIBU

Iri,

IBS

850

RoHandA

S21to

20),

as.

67946

Royal Bank

529%

29%

283*

5125

RoyTrstco

527%

26 a

27

6560

SlelnprgA

S38to

36-'*

38

-to

-r.

- '-I

-to

Ten ol Sales 5735 426 slums

NEW YORK-oow JONES

B

□

B

B

i

B

0

0

F 1

law

Indsariab

IJ5B.2B

ctaid

1JH445

154557

152853

1184.96

IW1/BS

1675.71

(]wm

4U2
(2 niSQ

Traasport

WM

784.78

rtart

77231

75116

1058

784.78

otnm

553.83

(4/1/85)

784.78

I2J2

(8/7/32)

UtSta

18127

rlM*4

18170

178.11

178.13

183-27

rn^asi

14SJ4

(4/1/851

18357

nu nm

185

(28/4/41)

TradtagiMd

■

IBto

ISta

Uto

-

-

-

"T

lmfDi«YMM«.

FM7

M3

Jsn31

4.91

Jan 24

All

YswAgplAreiMl

4-88

5DU8MR8 AMI raOBS

mm

n

B

B

B

fi*

12

| 1985/86

[ Sim Cwplann

H

18

Hfgh

urm

Id

law

MshiWb

24251

244 JJ

rtaai

24221

i

Z 3 U 7

2382 *

2(221

[ 14 ) 2/80

12824

( 4 / 1 / 85 )

24221

( 74 / 2 ) 88 )

•kg!

Qwpprfts

222.43

data

21751

219.75

1 ) 4 / 2 / 88 )

16358

[ 4 / 1 / 85 )

219.78

[ 14 / 2)80

-I

InSdn raUbB

hd.P/E Sana

Long Gw Bant VWd.

U

5

3.48

14.81

IJS

Jn

29

SAM

14JB

SJS

JM

22

353

1AZ7

1.48

Yur Ago (Appro]

3JB

11J1

1128

N.Y.S.E. ALL COMJUN

BSCS AND FALLS

Frt

19

Frt

18

Frt

17

0

12*75

I2&I0

dual

12155

1985

High

128.11

IIB/2/8B]

Low

SUB

(*71/aa

Frt

IB

O

bun natal — -

2.080

2538

cm

1.178

1.158

Falls

511

Kl

mm

Untiungod

370

Ka

423

HYSE-Coasafiifaned 1500 Activos

Starts

350PJO.

Ctaagt

Starts

358ims. Ctaore

Tndsd

Fries

to Day

Total

Fries

on Pay

ATT

2.1S7.50H

21%

- %»

Taxaco . ......

1.152.190

2SVt

- Ak

Jtos

, — 12472M

41

-11*

tarts 8lha_

1,088500

3flta

-IV.

BatarUb—

1.754.400

im

* Vi

HarLynrt

1530588

3Mt

- ito

018

1.401,700

T57V*

-iva

CSX Cera

1516.700

35V.

- *6

SoMhara

— 1292508

22%

1 - Vb

Entail tad_

1501.7D8

3V«

- Ito

B71

THOOHIB

Ustaxl Unto
GrepofiB

frt

19

frt

18

Frt

17

frt

14

1885)88 (

Wall

law

2.1552

umj

2.1*32

2JVM

2.1262

2754J

11

sa* tu/\rm
29885 (31/12)85)

174052 [31/10/854
23485 mm

M0N7BEAL Pontofio

135.72

135.43

133.75

734.D2

14257(1 7/12/0

117.08 (4/1/85)

pra-doapfigum

Fab. ' Fab. ' Fab. ' Fab. ;
IB ' 18 . 17 14 1

1BB6 >88

High Low

1848.8;
604.1 j

1047.il 1045.6 |
608.» 608.1

1044.7 10755 (4i2/U| 7165(7/1/86)
605.7 1 EM5(20ik) 5825(7/1/86)

AUSTRIA

Credit Attkan (8i1/«Q

11450 !

1

114.M 116.41;

in'50:i|8.62(16/l/86):U21 {24/1/85)

KBPS

1 - :

6096.46) 8081.82, 5185.28(lBl«m'2IMJnUll«)

DENMARK

Copenhagen 8E (3/1/83)

130.67: 229J7 j

228.78i2U.4B (7/1.88)^44 (011x85)

FRANCE

CAC General (3/U60)

Ind Tendance (51/i2iB6)

ra,s !
502.6 .

1142 ■

298.3 : 2075 <

111.4 1115 '

209.00'502-B mamimjs (B/I/w
112.70.114.2 119/258) 1085(81/1255)

GERMANY

FAZ Aktion (31/1*681 ,
Commerzbank H/tz/fiSt

06657 f
18775 .

840.41

18M3

831.82 j
18095 1

847.58 •718.7lr1S/1/U) , 88259(8/1/85)
1965.4 -21815(16/1)88) 11115(6/1/85)

HOMO KONG

Hang Sang Bank (ST 7/84)

ITSl.lTj

■ i 1 :

1771.41; 17*550) 177754,1020.04 (8/1/86; B20J4(5!/1 55)

ITALY

Banco. Comm ltal. (1072)

f

G275d

65454

62053 i

6165835454118/2/08) 22650 (2/1/66)

JAPAN"

i Nikkei (TGrSfW) _ :
Tokyo Sc New (4/1/68) I

11486.61 15438 J ! 15447.9:18642.78 ISAM J(1Br2A» 11546^(6/1/85)

2625 1 2625
2455 • 2455

‘1 i

262.7 , 2675 (8/1/U) 1665 (5/1/66!
2445 1 2665(17/1/85)1 1475 (5/1/85)

NORWAY i

Oslo SE (4/1/05) j 5U.11

#7556; <12.88 (l«/1l) ! 288.15 (2/1/M)

’ 821.44! 81754

022.82 ; 862.66 (7x6) ;6N.4)(a,ixMi

l 1

1192.7 ]I507 5(27x1/08). 8205 (6/0)
1100.2 ,1 126.7(1 8/2/061, 787.1 (7/Q

SPAIN

Madrid SE (30/13/86)

, - r

111.48 1 11050 | 110.62

1 1 158 113.11(20x1/86) 100.0(30/ 12x86)

SWEDEN

Jaoobson A P (31/12/68)

‘ ’ 1

1673.81- 1846.86: 1068.46 |

16S453 10B7.SB|fr1/8S) : 128852 (0/7)

SWITZERLAND

Swiss Ban kCpn<3 1/ 12/S8)

1 1

(U) i 667.8 j 669.5

6885 | 5265 (S<l/88): 360.7 (5x1/18)

WORLD

M5L Capital IntL (1/1/70)

— : 2745 i 2725 1

271.2 274.6 (IBlf/Kil 114.8 (4/1/85

** Saturday February IS: Jsosn Nikksi I3.40U. TSE 1070.43.

Bass vs lus of all Indices Is 100. escape BnissaJs SE— 1.000: JSE GoM— >255-7:
JSE InduBtrtal 2U3; Australis All Ordinary and Metals — 500: NYSE Composite—
50; Stsadsrd and Poors — 10s and Toronto Com posits and Metals-— 1.000. Toronto
Indies* based 1976 sad Montreal Portfolio 4/1/83. t Excluding bonds, t SCO
Indootriels plus 40 Uultilss. 40 Flnsnclsls and 20 Tranaporit. c Closed
a UnsvsUsble.

X r\T5TT\r\XT Chief price changes
I A- J l\l I JC_J 1% (in pence unless otherwise indicated)

RISES

Tr lOpc Cnv.

Tr8pc 2002/06

AC Cars

B anrnTmj l g . . .
Country Props. — .

Bland ernnri

Elsburg

Glaxo -

Hall (Matthew) _
High-Point.

Kennedy B __
Mercantile —
P40ML_
Pepe,

Ransomes Sima ...

Reuters B

398

+15

£96%.

+ 7 At

Tarmac

402

+ 12

£83

+tt

Tesco

323

+ 11

125

+40

Toofcal

88

+414

175

+20

Tozer Kemsley __

103

+ 7

320

+1B

Wimpey (G.)

168

+ 7

505

+40

175

+ 15

FALLS

933

+28

Granada —

294

—16

150

+ 8

Imperial Group

308

- 6

430

+45

Miss World

160

-30

262

+ 14

NMW Computers

275

-20

332

+24

HankOrg

537

-10

+ 14

Sigmex Inti

86

-11

10a

+ 13

Utd. Biscuits

220

- 6

164

+ 11

Wales (C of Lon) -

130

- 4

Special Subscription Hand Delivery
Service of tbe

FINANCIAL TIMES

EUROPE'S BUSINESS NEWSPAPER

MADRID

For details of how you can obtain your
subscription copy of the Financial
Times, personally hand- delivered to
your door, contact:

international Press Service, Madrid
Tel: (91) 7S3 95 48 Telex: 44 784

Get your News early in Stuttgart

Emc Zeitung erst mittngs geliefert, hat fur Sic nur
den halben Wert.

parnit S(e Ihrc Financial Times noch vor Ccschjifts-
beginn crhaltcn, haben vvir unscren Botendicnst in
Ihrer Stadt weiter verbessert.

Einzelheitcn erfahren Sic von Financial Times in
Frankfurt.

Rufen Sie die Abonnenten-
Abteilung an.

Telcfon: 069/75 9S-0
The Financial Times
(Europe) Ud.
GuiollcttstraQe 54
6000 Frankfurt/Mam X

HAND DELIVERY - 7
SERVICE ‘

AMSTERDAM/DELFT/E1NDHOVEN
GRONINGEN/THE HAGUE/HAARLEM/HEEMSTEDE/
LE1DEN/LEIDERDORP/OEGSTGEEST/
RUSWUK/ROTTERDAM /UTRECHT

Your subscription copy of the FINANCIAL TIMES can be hand-delivered
. to your office In the centre of any of the cities feted above.

For details contact: Richard Willis. Tel: 020 239430. Telex: 16527.

THE

NETHERLANDS

i

,i

38

® Financial Times Thursday February 20 1986

NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES __

Slack

12 Monti
High Low
t9<; 10% AAR
L5 Wj AGS
U 9'e AUCA
iSj 371; AMR
£U, 16$ AMR p!218

2**, 23% ANR pi 267
12$ 7$ API.

16% 10J* ASX

5S$ 3214 ASA

25% 10'.' AVX

Cb'gi

W Sh Qua he*.

0*. W. E 100* High low QuMeOou

19 255 ul9% la's 19?, + "g

20 OH uiVa 24$ 2b

40 12% 11$ iff, + $

‘ 3362 uS2$ 5|i- 51:5 - 1

5 24'; 243b 24% -' a

3 24i, j4 1 j 241, Og

• 32 t2$ 12'4 12% -

13 95 143, 141, 1*% -%

361 38'; 38 38 - "

996 171, 18*, 1*5$ 4

89

it

2j 53
19

28% M$ A2P 272 99 7 U99 27% 27’, 27$ + ’,

72 461, AMLabUO 21 17 3016 60 *P, 661, - I

1 7 21 35 W,

3 I 19 299 13
3 6 16 7 9

10 157 1B%

1 7 10 73 34';

7 1 r —

30’s 19$ AccoYKlaO

£4$ 10 AcnwC 40
101, 7 AcmeE.32>

1W» 16'a AdaEx 1.90e
24$ M AdfnUI JO
19 8% AavSval.JM

34 22% AMD

12$ 1Q% Adobe n

16% i*$ Adob pi 1 64

18’; 15'4 Adob pf 240
16$ 0% AdwcM.IJj
55tj 3?% AcinLI 264
57i, 52% Acft. p*5 1 Sc 9.6
100', 933, AML pic 9Te S
M% 271, Annas 1 20 1 9 8

6*3%

4$

75',

?*$

«B

94

107

66

32

*0%

33’,

32i,

39

37

4J

•Xh

XJ,

20 $

M

Ailecn
461, AirPrd 1 48
IP; AiroFrt GO
716 AlfckUtiSOC

29 « -V

17*8 13 *'4

6 : b 0% -

18 18% - 'B

24 24 - %

512 u13$ 18$ 19% -’g

4487 321; 311; 313, - %

22 I0>g dio 10 ->g

13 16% 16 16

715 IB*; 18$ 18'; +3,

7 IS 641 U 17 163, 16Jj

4 4 20 5962 u6i$ 593, ttPa -1

134 54's 53% 54'g * »,

50 100', 1001, tOOi, ♦ i,

3499 68 64% 64’; -3$

12.

13

181 153 33, 3»,' 3$~ -%

20 15 1166 74% 74' , 74', - %

28 16 212 £1% 21 <g ?l>, + $

2182 75-32 15-32

7 AIjP dp) .67 0 1 579 u 9$
69 AlaP pi 9 9 5 2l710u96

96*1 * UP pi 11 10

63% AUP pIS IS 9 5

65 aup pi a 28 ia

15% AlshAir .16
Iff; Alberto 42
26-% AlOlsrts 76
22% Alcan SO
J1% AicoSidi.24

9>, » b

94 941; + %

z 10Q 10ff- 1Q6 1 - 106’; * %

240 86 86 88 +1

2300 u83 B2 83

.9 7 1605 18% IS' , 18% - %

10 28 129 u41% 40', 403, ti.

23 13 212 32% 32% 32% - %

2 5 3753 32% 31% 31% - 'g

3 3 17 256 371, 37$ 37’- + ’g

26 AleiAl* 1 2.8 1026 36'- 35% 35% - 1

2;% Alotdr 46 37 2B% 39 39% -1,

75 AltgCp 1 S4» 1 7 24 99 uK% 92'g 92'g

16% Alqlnl 140 7 3 745 13% If, 19% *$

15% Algln p!2 19 12 29 19 18% 18 + %

78 Algl pICH 2511 IS 891, 88’, 89% !■.

35% 28% AllflP»270 7 3 10 1475 u 371* 36% 37 +■%

243, 14% AlIcnGs 16 194 244, 24 1, ?,>, - 1.

M 16'; AllcPd

50%

42'

AldSgrail.BO

36

54 ?5 u5!%

W%

SO 1 # -$

63%

58%

AldS pfC6 74

11.

144

63%

63

63% +%

111

103'; AldS pfD 12

11.

17

108),

108

10®% + $

74%

50%

AllCStr 232

329

507

73%

72%

72% -$

3%

AdisCh

156

4%

4

4% - %

35%

26%

Alice pl

J

33%

33';

33%

3£)j

£5'-

AUTL196

63 9

110

31%

30),

31 -%

,1%

31%

ALLT pi 2 06

51

2

*0%

40%

40% " %

45$

Afeua 1 20

2.7

2617 4*1,

4.1),

43$ -1

Vi

IQ 1 -

knut

5*7

12%

12%

12$ +%

26

r-;

Ama* pf 3

89

13

33),

33$

31% * T%

3)

=2$

AmHtrsl.10

50

797S

d22

22 -1

£',

T,

AmAgr

1715 1$

1%

1$

£7%

1«P,

ABOkr

10

•17

263,

25%

26$ +%

7 J 'a

53%

ABrandl 05

55 If)

886

743,

73$

73% -$

32$

£5),

Aard pl£75

67

30

31$

31%

3»$ *$

75%

54",

ABrd pC 67

3.6

2

743,

MJj

74 Ji +%

30%

20?,

ABkJM 06

3 0 10

13

22%

Sff- + %

35%

23$

ABusPr 76

23 16

18

32*,

3?4

32$ -$

78),

49%

AmCan?90

38 15

757

77',

76

76), -$

66%

44

A Can pf 3

45

23

67%

661-

66% 1%

118

106$ A Can pi 13 75

12

3

116

115% 115% - %

££$

IS

ACapBdPO

99

119

?r$

22

22% -1,

30-g

10

64',

29%
2b3,
63
37%
274 ,

25% ACapCEble 65 34 29’i 29% 29 v,

4$ ACentC 28 S', 5’i 5’-

ACyan 1.90 60 24 3326 u65% 63’i 63*' - %

ADT 92 3 9 516 24% 231', 2J'i - • g

AElPw 226 90 10 3171 u2»'| 25% 25% -%

22 17 7320 u63% 61% 61% - J

1.3 20 98 7 37', 36% 37 +%

T 1127% 271, 27% +%

27 12 3332 u41% 40% 41

383 u21% 20% W% + 1,

173 55% 54$ 55', +'g

166 u82I, 81% 81% - %

48

21%

19%

40%

161,

12’;

27%

AmE»p1 36
APjnds 48
*Fam wl
AGnCp 1 12
10", AGnl wt
53 AGnl p(A&42a98
55 AGn pfD’64 62

41%

£1

82

44% 60 AHeat 1.20

13% », AHom
713, 5*$ AHame3 10
113 80% AmncMGO

125% 68% AlnGrp .44

»»

J

29

’9%

1S%

16

AMI

2% AmHal
13-% APro«fc 50
S ASLFIa
12% ASLFt pi 2. 19
103, ASrup .80
42% 26% AmStd 1.80
68% 48% AmSlar .84

59% AStr plA43B 58

53 AStr praeeo 12

21 15 9 39% 39% 39%

73 10 9% 93,

44 15 3204 71% 701b 70% >1

60 10 1113 til 13% 1091, 110 -21,

.4 27 747 ul36 I22»g 122%~3%

78

GO

.72 35 12 43*4 21% 20% 20%

779 2% 23, 23, -%

23 9 724 17% 16% 17% +%

BIB 13% 12% 12% f %

11. 36 u19i, 19% 19%

7.2 9 ITS 11% 11 11%

68 <8 433 u43% 42% 42%

1.3 12 371 65 64% 64% -%

319 75% 75

2 59 59

19-% AT8T 1.20 57 15 2858022% 21%

45-% 347, AT&T pt6 84 80
461; 38 AT8T pO.74 80

33 20, AntWir 1.12 39 9

14 11 AWOI pti.25 83

281; ^ AmHoiC.20 18 5
74 66 ATr pr 564 7.8

23% TO ATr sc

53% 3fl% Amorafl.60
27% 16% AmcsDs.10
28% 19% ArrweK i
11% B>, AmevSc

29% 22 And*

1MB vJAmfcc

75% +%
59

21% -3,

637 45-g 45'; 451, -Mg

7072 U463, 46'; 48<*

208 29% 28% 28i; -%

13'; 1J1;

11% 12 4

62 9

12 %

70% 53% Amoco630b

—

in,

26
29

Z510 131;
819 12
36 72%

194 23%
29 50

.4 25 861 U29
66 18 172 28%
95 125 11%

2783B0 25%
117 1%
57 8 2947 58',

+ %

72% 72% +',
22% 221, -M;
*9% *9% -%
27% 27% +';

“ »% -*e

28

10% II
25 25

I'l

1%
57% 57%

II';

1^4

27%

61%

J!£»

£9%

451, 24%

13%

10 %

11

9

s
p

34% 31
X £8';

1~g

£81*

31’,

105
£8'-

11

Ei%

4*1,

42%

16

61

27% AMP .72 1 7 42 2655 42% 41% 41% 7g

... “ 60 43 403 15% 15% 15% %

13 88 EB 25% 2b% -%

12 382 u31 29% 31 +1%

15 19 8200 45% 45', 45% -%

9 3% 3% 3%

35 160 30% 30% 30% -%

57113 2535 26% 25% 25?g -M
2431 350 55% 55 55 -%

17 15 31 14% 14 14% -%

21 15 148 28-g 28% 28% +%

18 15 5667 43% 42% 43% +%

4 2 42 85% 55% 85% +%

13 21 U84K% 21% 22% ♦%

Ampco 10
Amrepa
. AmBtn s

46% 34% Airwedl.60

4% 2?a Anacinp

18 An log
20% Anchor 1 48
35% AnClayl 32
10% AndrGr24b
18% Angelic .60
AnhouH 80
54% Anheu pf360
Amor .26
Annem 04 2 a

AnDtny 44b 2 8 9

Apjcno .28 61 9

11-M ApchP Wl

I3'j ApcnPimZlO 16

56 ApPw pT7 40 9 7

£4% ApPw p!165 9 7
ApPw p14 18 IX

... ApPw pl3 80 12

11% AppIMg
19% ArcbDtt Wb
27 AnP pi 3 58 12

9-1 AriPpI 10 70 10.

tfl AtkBsl 60
£4’, 16% Atlila 1.08
IS 16 l-W ArlnCp
iS'i it'. Armada
6% Armco
IP*; Aimr p!2 HJ
13% ArmiRwa
3C*a Aimwiti 30
.14 ArmW p13 7b
11% AtcwE .£0
19% ArltJ .2?

14', Atun 5 64

46% Alton pi 2
IS', A&arco
JT, :r'-% A*4il0il1 60
46% 4d% AohlO pl4 50
4b", 7.4 % A'-niO p!3 96
4£% £7% AsdDGil 40
W AMD p!4 75
is% Amiotid bO
£3% AlCyt'i 58
4p% Atlfiicn 4
1(10 AllRc p>2 80
10% AllJbCp
£?% Augai 40
35% AuldDt 68

3% Ay.ilcnn Bo

151 19%
33 15%

£71 9%

18% 18% -%
15% 15% -%

12 8W

High Law

35

33

16%

»i

5

11 %

12 %

36%

ia%

1S%

29%

31%

68 %

35%

33%

46%

27%

371,

38%

£8*,

12

20 %

255,

533*

i 1 -’

9-16

18%

35%

an

Pf SU - On Prw.

Stock Dr*. YM. E ldOiHigb Um On* Bon
BenfCp 2 3 7 14 649 uS33j 5P, 535, + 1

9.7 6 u44% 44 44’, + 1%

5 9 59 208 201, M’, + %

216 4 3% 4 +I L

3 147 6% 6% 6%

1 7172 1128 13% 13% IT, +5,

1006 19% 18% IBS* -%

11. 143 46% 451, 45S* -S,

11. 172 23 22% 22S -J.

.9 17 2669 371, 36 36%

228 2B, 21% 21% -%

3 4 67 2096 26 fiSSj 2S6g -%

24 112 13% 13% 133,

S 7 20 3220 235* 23% 23W + I,

49 12 35 l>465< 46% 401, ♦ l,

2 u333g 23% 23%

357 25 24% 24% - 5#

64 9 1471 U40SJ 33% 401, +J,

25 13 9036491; 48% 48% - 1
38 14 1343 u513g 50 50 - 3q

8.1 £4j uf 2% 61% 62 * %

J 33 121 37 36% 37 +%

£7 15 13Q2u57%56% 563, * %

3 5 14 1842 29 271, 27%

Bortnm 8 345 u12*g 12>* 12% -%

BosEd 344 69 10 517 uS0% 48% 50 + 1

&3SE prl 17 9 9 42 11% 11% 11%

Base prl 46 9 7 21 15% 14% 15% +%

Bpwatr 72 £ 5 12 3810 39% 28 28% -%

BngSl ISO 4 9 15 1559 u32% 31% 32% -f],

BtisiM 188 29 17 3581 86% 65% 65% -%

BrllPl 2 Die 6 5 7 317 31 30% 30% -1,

BrlT2 pp 1.17a 44 12 72 26ig 26% 26% +%

52%

43%

31
6'a
9

19%

48

24
40%

2F;

»a
16
26%

46%

it .

40% 23% BlkHR 51.36
53% 371, Boeings! £0
51 37% BotseC 1 90

61% 52% BAMCpI 5
37% 33% BOllBer.10

56% 32% Border© 1 S3

£8% 13% BOrgWa*
W’j 5-% -

48% 34%

12 9%

Banal pM 30
BMM4MV2Q
Beng©

Berk ay
BesiPd 24
BeihStl
Bamsipl 5
. BeinSipt2so

31% Benerly 32
183, BevlP n
20% BtglTtr 88
83, Bitten 5
171, BUcVD 64
Sfti, BJCKHP238
14% BkHP wl
16% Blairjn

Brock
Brekwyl 13
BkyUG3 24
22% BkUG 0*247
30J, BkUG p!3 95
19% BvinSh .20
25 BrwnGO 44
£0% BrwnFs
15% Brmw s .56
40% 29% BrthWl .52
23 16% Bundy .80

30% 17% Bunkrte.16
31% 14% BudnCt

35% 24% Burundi 64
77% 49% BHWh 160
8 6% BtlNo pi 55

25 £1% BrIN pi 2 13 8 4

52 46% BrIN pt4 93e 10

177, g% Bumdy

•1

£0%

Burrgh 280
BuDrln .52

333 15-16 .

40 15 S3 33*, 331, 33% *%

7 0 9 130 U463, 46 46% -

92 10 £8% 36% 38),

12 31 34% 34 34% -J,

8 15 68 26i, as, 26% +%

4 1 18 114 3$i, 34)j 35 -%

22 877 38% 361; 36% - 1%

20 12 1223 28 27 27% + 1,

1 4 16 740 37 38 36% - I

3 7 72 30 21% 21% 21% + %

11. 23 19% 195, 19%

14 278 20% 193, 19!, -%

4 7 60 946 u36% 34% 35 4- %

2110 1717 771; 76% 76% -1%
7.3 15 7% P; “

2 u£S% 25), 25% + %

14 40 49 49

565 13% 13 13 - %

37 13 4834 u71% 70% 70% -%
24 16 310 15% 15% 15% - >,

c c c

CBI In .60 31 373 19%

CBS 3 2 4153 3711 125

CBS pf 1 12 3 85

COX 15* 189 4%

47% CIGNA 260 37 31 £883 u72

27% CHS pi 275 7 7

49 CIG pi 4.10 69

1 vjCLC

35% CNA Fn

t?, 9% CNAI 1 24
33% 16% CNW
57 381, CPC SCO

33 19% CP IW1 SO

£3% 19% CRHMI S23D

15% 13% CR5S .34 2 5 13 3 13?,

36 22), CSX 1.16 33 1049136

CTS I 29 12 94 34),

C3 Inc 209 372 8%

Cabot .92 38 276 34%

Caesar IS 1590 ia%

CalFed 48 1 4 6 6764 34

CaiFd p!4 75
14% Cal<hn ,25b
30 Calmal 60
10% Camml .12
15% CRLk s .40
1% OnpR a 161
32 CamSpal.32
n% CdPaca 48
170% CapGte .20
20% CapHdb 82

EB 1 * 18%

126% 77%
85% 541;

59%

6

701-

40 1 , 271;
12 6 %
33% 30i;
18% 11%
34% 141,

64>« 41

£4%

34%

*•

5

581,

»

30>

19% 19% -l,

121% !?4 + 2%

85 as 4-5

*’; «% +Y

70% 70% - %

142 u3S% 35% 351- * t,

120 5S% 59 5S% +1

118 1% 11; 1’i -%

13 3539 69% 68% 68% - 1%

ia 163 12% 12% 12% -%

622 361; 26 36% +%

40 19 399 56 55% 55% -%

47 11 233 3£i; 33 32% - .

10 141 22% 23% 2£% - %

13% 1J7g +%

35% 3Sg -%

£’3

8 % 8 % + %

24 241, -i,

173, 17% -%

33 33% - 7,

6C4 60% -3%

18'; 18% +%

2B 1 ; 26), -%

770% 1033, CapH piasia 85

9 2985 64%

1 4 70 19%

£111 £79 29

1- 2 30 £05 10% d10%10% -%

872 >9% 19% 19%

715 £ Vg 2

27 15 969 49% 48% 49 +1,

3698 12i, tit. 121, + %
.1 22 904 U239 236% 237

2- 7 11 1361 u30>, 30 30%

Caring g 46
27% Carl ib Id 08
20% CaroFt 44
3K ( 24), CarPw 268
£71- 22% CaiP pl 267
“ 29% CarTecZIO

6% Carrol . 10
173, CaiPirs.60
36% 34'; CatlHwI.Z?
57% 30% CortWI .60
*" 12% CaseNO-28

9% CasttCk
17% CstfC pf250
12 CaOC pf 90

49%

28%

29%

321;

?T%

5 1041; 1041; 104% - %

3 8’; 8% B%

3 I 13 276 34% 33% 34% +%

1 3 IS 159 34 3T- 33*g + %

8.4 8 1573 <132% 31% 31% - %

96 6 u£7% £7% 27% ti,

6 9 23 280 30% 30 30% 4- %

1 5 IS 129 6% 8% 6?, -r %

23 10 396 27% 26 26% -1'

3 7 20 216 33 32% 3Z% -%

1.1 15 252 547, 54% 54% -%

7.7 8 48 1 Fg 18% 16%

433 14% 14% 14% -%

8.7 20 29 28% 28% -%

33 87 171, 16% 17 -%

I. 0 £4 2910 49% 48% 48% -%

22% Cera .80 26 12 48 30% 30% 30% +',

Cels ns* 80 28 14 805 196% 1871; 188 -10

‘ 81 24 u57 55% 55), +3*

.8 14 234 5% 5% 5%

4 9 11 335 460, 49 49%

.9 11 282 uZ8% 27% 28 -%

7 2 8 2141 u£9% 29% 29% - %

92 7 443 32% 32% 32% -%

94 2250 U48 47% 48 4 2

7.5 11 £476 U21% 21%. 21% 4%

69 8 226 30% 30 30% -%

II. 13 37% 37 37%

90260 227 15?, 15% 13% -%

8.2 7 95 o23% 23% 23%

3183 47, 4% 4?,

61 9 123 13% 13% 13% 4 %

11. 8 81 17% 17% 17% 4%

34 10 280 27% 26% 26% -%

28 4 30 29% 30 4%

1.9 17 2513 27?, 271, 27% -%

4 2 25 p29', 28% 2B% -%

50% 29i, CatrpT £0
32
198

52% 35' Cel an 10450
IQi, S', Cen0V .04e

b'l congy .iwe

39% Centel 244

20% CenMx 25

21% CenSotf 14
23 CenHudOe
40 CnlU pi 4. 50

167, CnllPS 164.

30% 22% CnUJH208
37% 32% CLa£> PI4.I8

IS?, 9% CeMPwl.40
“ 16% CVIPS 190

2% CemrfX
14% g% CntryTI .82
23 1S% Con xi 11 2

28i; 21% Cn- toed 90
30i; 16% CassAir
20 ClimplnS2
22i, Chml pf 1 20

58?, ,77, Chml PI4.60

■** 71, ChamSp

2 viChrtC
7-ia vjOH wl
1?, viClirt pi
Chase s

346 11-64 d9-64 9-5* - 1-1'56%

1»':

£9

73'S AVEMC60

2143 13% dl2-% 13% -%
2212076% 78 i6'- 4 1%

40 u £7% 27% 27% +%

£8 33", 33 33% +%

1 J01, 3 W, 30?, -%

23 293 17% 16% 17 *%

.5 14 £451 £7% £7% JD, -%

17 30% got; 30-', * %

4 40 107% 102% 10?%-%

16 13 MB 38% 37% 38% M,

6 7 12 1717 1S% dl6 16% -%

43 2* % %

lb 11% 11% 11%

9£4 10-', 10% 10%

93 2? 22% 2£% ££%-',

£9 18 44 17 16% 16% -%

27 11 744 47), 47% -17% -%

B 8 ;S0 47% 4£% 42%

1? 34 16% 16% 16% ♦%

9 40 109 23’; £3% £3% ■* %

2 5 11 337 2bt; 2,1, 35% - 1,

£5 7 Rl BO ' 80

739 21% 20% £tP, -1-

38 9 1335 4;% Jit, 4£ + ',

9 6 £ 46'j 46', 46>, 4-1

9 4 348 43'- 43%

3 4 14 652 41* 41% 41%

36 12 13£% 131% 13H;- 1%

r i0 17 17% 17% 17% ♦ %

rail 144 33% 32% 33

7 7 7033 521; 51% 51 •% -1.

£3 £ 1£i% 1£4% 124% - 1%

28 14% 14% 14% -1,

16 37 1184 £5, £5% £5%

10 £5 772 u67’ ; 66% 66%

1 | 61 J.% 41; 4%

1 8 14 428 J4% 33 ji g + 1

41 -

Arcry

60 17 17

290

40),

40%

40$

-%

AT-

Avnol

.50 1 * *0

1339

’ 3."%

30),

Jfit,

r*-

17$

Aron

2 66

*?5S

1 Dtl'j

29$

ff-f.

♦ %

rti%

Tb ?

Aydm

17

9.*

LV,

20%

£0%

-■$

B B

B

’.'r

3%

BMC

73

4

V,

«

■* 'l

35

21%

SoimcoSO 22 13

74

£7%

27

i>%

B-rlntl

<12 6 5 11

tat:

14%

14

U%

“ "l

<

3'-

17%

3£

19%

£6%

49%

£9%

15’; 8%
5 : - 1

19% Balder .40
V vtOaldU
£3 tfBldLJDf
:j

13’;

9%

I9'g
4l'j
18

20 £ 0 % * %
1% 1% *
5-g 6 r %
30 30i,

17% 18 ♦ %

163, 16% -1,
26 % £ 6 %

20 16 9 £0%

£32 1%

IS 6

Boll a .72 £ 4 14 200 30%

BJl'tMl £0 II IS £005 19%

BallyP* 17 1« 17

BIIGE 9170 6 3 TO 994 *%

BaU pfB4 50 9 3 ;«W 4&J, aa% 46% ■» 1,

BncOn 9.800 29 13 £37 28 27!, ?r%

BncCtrn.54d 24 31 u15% 15<; !V e

BanTo £67 1% 1 1% - %

2 MS 535 62% 61% 6P, -r %

4 0 B 738 67 66% 663,

2 S£% S£% 5£)»

54 52'. S£ 52% -1;

-430 971; 9.-% 97-,

S3 53 53

69% 4Sf, BanCagi 30
67-, 42% BkBoa 264
54% 49% B*B pfA4 4ScB6
54% 43% B»B pIBJOViSS

101% ft'; B-B pfC£M 26
W- M BkNE dp'So 9 4

x 3

£9% 29
2? £3

4ST-

"7%

j:% B»N7 2 £8 4 1 9 1 347 uST, 54% 55 -%

2JJ, BjrPVJ* 12 3 6 10 301 31% 31% II; -%

12 BnVAm 11*6-714 IT, 1* - '*

33*- 6**m p!4 4»i 13 119 34% 03-% 33?, -%

55'- SkAm pieofia 12. 31 57% 56), 57 t ',

121; BkAm 01288 767 17, dl'% 111, - H.

24 BkARly2.40 86 13 78 £6% £7), £8 - «g

BnkTr 5 3528 38% 37% 38% - %

BkTr pi £50 9 3 9 u27% £67, 06% -%

33 BkTr pi 4 22 b 3 SlO u5t 51 S' +%

10% Bantior 03a .2 M S47 101, 19% 19% -%

:5g Batd 84 1 4 16 »a) 45% 44-% 44% - %

19% BumGp 1 35 17 23 u28-*g 38'.- 28% - %

22 1£ 381 48% 47 471, - 1',

2918 276 21)8 20'.- SO*

1 £ 13 £73 9% 97- 9%

2 3 15 1699 3*1, 34% 34';

2 4 70 2017716), 16 1G), rl,

325 48% 48J, 48 , ■*■%

31% Bamnsi04

16'g BdrrWr.60
BA5IX .12
Bousen 78
BailTr 40
8«n plAI 4£B£9
BUT plB350 5 8
8

729
19

Beating 1
BeatCal BO
Bozi pi 333 40
in'- 12 % Scot 20
72* 43% BoetnD 66
25!, £», BcciD w»

64, 5, wiBoker

11 1% viBcupl

20% 1£'; BdkmH 43
37S £?- BalHarl 6£

J7 £5% B«N«p!74
1141- 81’; BoIlAU 680
33 ‘ BCE o 236
£9% lS* BfUlnd 32
bl% 34*a BcflS«a04
S7 44 BOlC AH SO

13% 6%

36% 2Uz

ip-a 12%

471;

W, 50%

£94, £0% BaiFm W
38-% £7), BaySi«S7£
31% 15% BflOfSIn bO
40i- si%

475% £3

£8% 52’:

nr u60'; 59% 60'; - 1>,

2S 24 23% 24 ’ %

IS 38 3D, 37 ■% »%

1I96 3U, 2fK, 31%

£ 5 16 £9 u40>| 40’; 4tP, - %

39 12 1915 453j 45’; 45%

B B4 84 8i

14 73 65 14% 13% 13?,

10 16 79} 69% 69 69 '3,

1 35% 35% 35%

208 1% 1% l'r

19 3 2-% £% - %

21 lb 82 tVi 18J, >9

i r 12 9i6 36% 35), 3P, *■ %

£ I 02 36 35'- 38 “ %

6 MO 885 114% ill', 111% - S’*

2b1 £7), £7% £7?,

t£32 92 £7% 27 27

61 11 *397 51% 49% 49'; “ 1%

18 24 5«3 5! -T?, 49ij

31

377,

49

563,

24%

41%

50%

18

33%

S£%

51%

78 64 u59 56% 58% -%

25 632 10% 10 10 -%

274 2% 21, 2%

6 11-16 11-16 11-16
45 2% 2i, 2%

6 2115 33’- 38i, 36?, -%

99 210 U53% 52% 53 +%

S! S* 531* 54 * %

3 5Wg 51% 51% -r’,

301; 31 *%

41% 321,
48% 31

40), 33
163 124

80%

29%

1«9
Sff,

'3%

*Vl

£0%

Chase pl525
Chase pi 5.88c 11.

Chase pl695e 14
Chelsea 72 23 12 157 31

Chetned56 4.3 15 J6S 37 36% 36% -%

ChmN'GGO 5 8 6 267S4S5, 44^ 44% - 1

ChNV p'589e 11 50 5* 54 54 -%

CUNY BIS 310 10 50 53 S3 S3 + %

Chcspkl 34 XT 17 98 41 40 401, -7.

5 1 12 5576 35% 38% 38% -N

69 8 5833 35?, 34), 3b -7,

71 26 144% 1413, 1413, - 3%

2 69 69 68 - %

14 12 136 22% 21% 21% -%

£0400 503 12% 11% 12 -%

6£4 37 56>, 56% 56% -%

61 73, a 7% 73, —%

358 17% 16-', 17 ~%

69 13 72 7l% 72 + u

18 4 S382 u57 54?, 56 +1'.

£4 34 820 65% 64% 643, -%

5 9 38 721; 72% 72%

26 IS 2680 17 16% 16% -%

1 5 £3 1264 63, 6% 6% - %

S9'r

Wi

73

ChosPn 2
Cheym3.40
ChiMlw
ChiMI pl
19% CHiPnT 30a
T, ChkFutlM
39', ChnsCr
73, Cnraui
).*% B), Chrome
79 48% Ctirm pi 5

54*, 32% cnryslr 1
37% Chubb *1 56
501, Cfiubfl p)4 25
w% Chutcia 44
10% 5% Chyton 10
29), £1% Cil<»rp228
42i, CtnBdlG 17a
14% CinGc £16
29 CtnG pi 4
50 CtnG pi 7 44
891, 63 CinG P'9 28
93% 641, onG pi 9 52
15% CinMil 72
19% CttcSK * SO
18% CtrOly 10
£1% Circus
40 Clhcrp £26
75 Cilcp pf667a
6% CUbu 72
7% ClatrS s .10
20% CltlrkE
8'.- CkwH s
16% CltrCH 1
ir, Ck-vEI 264
55 ChrEl p«7 40
Clcvpk

a«p p'a

Clvp P?6
Cloro* 1 16
CuDkW 20
C<ucnm40
IT, Coasll s 40
33
61%

12 Goleca
26% COcn-m 20
£2% ColqPa) 36
42 ColgP P'4 75
1B% OMAA 80
11% Co'Fds 12
53% CotUndE SO
££P, CoiGas3i8
45% CdGs D'5 12
CcdutfS,

31%

19>,

26%

- J s
lb',

32%

W%

m : ;
e%

19),

33%

19
22
27
70%

in, 8',

18%

SO';

30% 9*

JO

64%

B8%

35%

53

»')

18%

71%

411,

22 %

115
115
ST-
37%

«%

£4%

79

10

1B8 38?,

*gk

2f*0

+ $

S3

10

43 59%

59

59%

+ %

92

7

3179 23$

23$

23%

11.

250 37

37

37

10

Zl470i73%

7ff;

73%

*%

10

z3G0 89

B9

83

+ 1

10

131 u95

93?,

9*

+ T-

21

*07 £4%

23

231;

-$'

£1

13

1097 a*%

23

23%

-$

.3

£0

1654 u 36$

, 35

35

-3,

16

19* Sf?,

31

31%

-$

45

7

636* 52%

50$

50$

-1%

86

30 80',

£0

80%

"%

13

5

353 7

6?a

7

+ %

1.1

£0

852 9%

9",

9%

♦ %

797 23%

23%

£3),

"%

18

115 )B

171;

17),

* %

SS

13

55 18%

18%

«%

99

8

2815 26%

26$

26$

♦%

11

Z 370070

63’,

70

~%

480 8% 8% 8%

126 IIP; 9% 10% +%

139 9 8» «?,

2 8 14 907 4T* de* 48% - 1

8 23 96 25% 2SJ, -%

£6 34 098 16 15% 1SJ* - %

1 I 12 430 35% 24% 347,

Cell P* 1 19 3 0 1 58% 58’.- 58% -2%

CocjCI2K 34 17 2384 88 86% 86% - 1%

16% Iff,

1032 17

3 4 24 147 u35% 34% 35
4-1 34 1867 34% 32% 333,-13*
B.2 ISO 52 52 5? -I

22 1? 622 36-% 36% 36% -%

B 14 1249 14.% IT, 14% t%

35 10 674 u*13, 70% 70?g -%

SO 9» 40 3ff, 33% -%

98 1 £2% 5?, 52% -%

wmnTO. 3 1573 22% 21% 21% -J,

103 CSO ptolS2513 zt« Il3 113 113 -I*

102% CSO pi M52513 4200 U5 1131; 115 -r %

" 36 II 517 u60% 59% 53%

30 1560 33% 32i, 33% *%

T 12 1327 »% 2« a 26% * l,

1 5 14 51 £3% 23% 23% - %

41

£T,

CambltC 16
CmbEn 1
12 ), Ccmdts 20
15% Cankhl 36
4J, Comdra
3J% 27 Cmn£ 3 S 1

19% 14% Cw£ pi 190 9 9

20% 1b’; CwE p« 2 ia

83% 64% CwE pl 838 10.

£5% 22 C«E pi £57 9 4

C«E pf 2 87 11

Cw£

if-

58%

72
34%

40 £7"

35», ££

fr r 8

£1%

13

40% 9%
48% 277
21% 16
39 £4

i r, ir
42
3E0
521,

53% 42$
44% 29
53
11%

34

37%

49-.

M

S 2

32%

ComESLS;
Corrsj033
CPiyc .28
Comaaq
Cdmpgz60
Ccm pS c
Cptwi
GonAgr I
16 ConnS 160

24 CrmNuZM
12 1 , Conroe 40
30% ConsEf 68
19b CunE p) E
39% CoflE p)4 6S
■" ConE pl 5
CnsFrt 1 10
38% CrnNG 264
CansPw
CnP pfA4 If
CnP p1B45f
Cn? P*C4 5J
CnP
CnP

2880 73, 7U r, - %
3547 33% 32% 33% - %
197 15% 1®, 15%

14 20% 20 20 + %

z22Q uS3% 83% 83% + %
189 uZ5% 25 25% ♦%

7 27 3% 26?, +%

33% -%

99

ZI60 8*%

04%

10

;2IOOu72%

• l

76

7

4*0 33),

33

30

«

13MlriO%

353,

1.1

16

1838 24%

«!

14

3482 13%

12%

25

9

%* 23$

2ff,

20

843 33$

3ff,

16S6 15%

14),

21

16

379 47%

46%

75

12

30 21%

21

69

12

85 38%

37),

23

15

550 U18

17$

64

10

3005 u<ff.

4U,

22

S u270

266

89

z«0 vX 7 :

52

95

25 53$

ss.

25

14

944 U*4%

4J

54

10

353 49

46

i*33 ia?.

1C1-

12

ZE20 34

34

12

HOD u3B

38

ia

z29 45

45

21 %

52

% *■%

* %

41% CnP
CnP
CnP

47H SSTmO 2.6 1* 43 47 46 46 1 23?, 19% CnP

34

38 -r %
45 -1

PID7 45 12 Z1M6?*; 6?; 6T-

p*£7 73 l£ =130 63% S3’- 63?; M.

pM? (‘B 1£ z2H0li64% M% 64%

prtfjeo K 83 32% 31% 32% • %

prtJJoO 13 69 u2S% 27% 27% t %

prT3ia 13 7*

CKgs Oob

12 fetauti pf sb data Pm: 12Hon« Pf Sfc Data Pret.

HSgb low Sack Oh*. YM. E 100s High Lew DMbObk Mfik U» Slock ffiy. YU. £ IQQsKtgfa Ldn Quota Cbm

82% 41 CnP pfH7.8B 1£ 22990 j631j S3 63 *% Xh FWachtl 1 .£6 11 1016 38’; 373, 373, -%

29% 20% CnP prfi 4 13 16 u293, 29 39), * % «% »’* FWoc 1 30

571, 49% FWlse P'625

41 23% Fischb

IT, 8% FtshFd 05e

45% 305a FitFnG 1.44

29
28%
203,
18%

30
20 %
50%

10% e%
4% 1%

57% 40

11 , >-

16-%

277,

3«*

CnP prR 4 13
19% CnP prP398 14
19% CnP ptN3ea 13
IT- CflP ptM250 12.
12$ CnP fxlia 12.
ar, CnP prS4 02 14.
13 CnP pm 2 *2 12
37% Cm I Co £60
Conillr
Conifi n

&

Cnnll pn 230 2 7

cniHid

Crnlnto

ConiTeflSO
15% ClDau
9-18 wjCookU
4®, £8 Coopr 1 50
21 143, CoprTr 40

28% 20% Coopvo 40
141; 8% Cd paid
22% Iff, Cow'd pC «

27$ £ii; Cordur£2
15% '

72

66% 38% Corfilk I
103, 6% CmCtd 20r

1 1 8% Craig

4£ 32% Crane 1 90b

70), 32 CrayH $

2T* 18% CrtkN P1218

53% 491, CrckN p!3 89e 74
2P, 18% CrmpKI 20 4 6 12 41

as?8 48% CrwrtCk
*8 31 CrwZal 1

23U 171, CtviB n
44?, £3% CulDro .00
32 13 Cuimet

83 581, CumEn2.20

11$ 9$ Currlncl 104
471, 30), CurtW 1 20
603, 43% Cyclopd.10

21 29 281, 29

149 U29t* 2JP: 29 ♦%

13 20$ 20% 20$

19 u10% 18% IB 1 - M;

10Q u30% 29$ 73% - %

11 13$ igt; IT; -%

53 49 1115 » 49 O', -$

17 819 9$ 8% 8% -$

1384 3% S3, 2", -$

20 44J, 44$ 44$ -%

774 1% 1 i

11 208 u17 18% 16% 3,

6 5 9 747 271- 27% 27%

1210 23% 23% 23$

225 1$ 1% 1% ••%

32 18 B85 49% 48$ 49% M,

£0 11 121 20$ 20% 20%

1.8 13 1885 2??, 21$ 22 1

54 8$ 0 8 8 $

IA 22 17$ Iff, 171,

34 17 77 £7$ £7% 27%

11 ~ Certain GO 3 9 14 4® u 15$ 15 15$ *»-

34$ CornGl 1 40 20 22 1858 09% $71; 68$ - 1

— “ 1.6 BP 57 65% 64% 64% %

20 17 138 10

10 11 9%

3 8 22 295 »2

28 3321 70%

94 10 23%

23%

17$

33%

*4

15%

9%

22 %

ff;

Dallas .68
OamonQO
DanoCp 28
Dartahr
Darnel .180
DartKr sl.56
DaldGn
Datpi n
. Duosg J4
22 16% Djyco 24

48$ 3ff, DaytHd .04
221; is DaytPL 2
74 Sffj OPL pf7.7Q.ia
72 S3 DPI pf 7.37 ia
443, 29 Oeanftx56

32$ 24t, oe«e 1
29 21$ DelmP 202

36% DellaAr 1
5 De* lora
30% DfuCh SI 04

203, DensMfI.20

31% DeSoio 1.40
14 DetEd 168
Oe£ p*9.32
DatE pf 7.08 6 9
De£ pi7.45 9 7

Det£ pf 736 97
DE pff£75ia

13% 6i,
447, £9$
80% 31
5$ 4

11 $ 8 %

523,

10

53%

20 %

37?,

3

esi,

78),

n$

75%

£91-

171; FleetEn 44
34% Ramng i
1Z>« Flan pf 1 61
30 FlgmSIs. 16
23% FkuiPi
*5% 37i; FleEC .16a

35$ 23% RaPtO Z&

261; 12$ FlaStl .52

3% FlwGCT
16$ Flower .48

14

29$

8

C3%

*0),

1*$

56
55
55

2b% 23$

29 23?, DE

2B); 23 DE
28% 23 DE

22 %

29%

21 %

20 $

6$

12%

40

30%

6ff,

2&’b 22$ DE
29), £4$ DE
29$ 24% DE
33% 29% DE
34$ 297, de
“ 17% Det£ pr22B

Iff, Da* ter JO
14% DlGlor .64
. 11% DiamS 1 38a
38$ 32% DoSh pl 4
22% 15$ DioSOfn£1Qa 13

11$ 9 DtanaCdO
571, 2|7 a Drebolcfl 10
162% 85% Ogtial
130 73$ Disney 1 20

32$ 18$ Dsney tm
18$ DEI a
4$ Dtvrsln
6-% Dome g .12

26% DOftiRS2.&a
Iff; Donald .86

51 Donley 1 ZB

47?, 347, Dorsey 1.20
J£% 32% Dover .86
48% 28 DowCfi 1.80
50 36$ Dowjn .83

34% ff. Downy a
17$ 11% Dm vo JO
24% 15% Drear
22$ 171; Dre*B
118% 44% QreylusSQa
72 50% duPont 3

403, 33 duPnt pf3S0
513, 42 duPm pl- 50
39», 29% OukeP 260
90$ 67 Duke pffi.20 9 1
27$. 2C, Duke PI28P 10
36$ 31$ Duke p*XB5 .11.
1W$ BS% Duk p*N&84 86

90$ 69 Duke p* 828 ai

9$ DukeRbm
100<, 68 DunBfte.20
IT, 141, DuaU 206
20?s 16 Ouq p*A2lO 11.

183, 14% Dug
20 15 Duq

16% Duq
23?; Duq

52 Duq

a

11$ Dynlct ,27e

9$ 10

9$ 9$ -%

41% *2 + %

68 $ 68 $ -$

. 23 23i, +%

52% 52% 52%

£6% 25$ £6%

14 391 u90 85 85 - 4$

22 680 45% 44$ 45 -$

708 £1$ 21$ 21$ *$

1 8 18 14 43$ 43i, «3% - %

24 2911 16$ 15), 16$ -*■$

29 14 1175 75% 74$ 74$ *1,

9.4 1?4 u12 - H$ 11$ -M,

2 6 5 47i, 4ff,.4ff, -$

20 8 3 54?, 54$ 543, -$

D D D

36 33 131 19 18$ 18$ - %

12 155 17$ 18$ 18$ -$

40 11 1131 32% 31?g 32 -$

6 281 7?, 7$ 7$ -%

27 556 8$ 6$ 6$ ■*■%

35 14 3312 u45 44% 44$ - %

36*2 47% 45$ 45% -li,

115 5% 5% 5%

29 IS 123 8% 8% 8% -%

13 9 386 19% IB*, 19

20 17 *4301423, 42 42 -1%

89 23 15*7 22% 22% 22%

Z280 74 7* 74

1 100 u73 73 73 +1

1 3 19 227 43?, 43% 4T, —3,

3 3 68 2*47 31% 29$ 30% - C%'

7 1 10 655 £9 38% 28$ - $

22 11 1380 45$ 44$ 45 -%

9 6), 6$ «$

20 21 606 53 51$ 51$ -1%

48 SB 73 25 24$ 243,

38 13 15 371, 37 371, + 1,

9 8 7 1345 17% 171, 17% -$

ZB10 85 83 8J% - %

Z3O0UBO 77*2 771- -1%
2330 77 77 77

Zl390u7B 74% 76 +%

3 26$ 26$ 26$

21 2S% -28% 28$ -%

40 25% £8 28 - $

41 28 27?, 28

9 20% 26% 26%

£7 29$ 29 29

74 29% £8$ 29%

37 32% 32 32

19 33 32), 33 4%

38 22 21$ 32 +<-

29 16 ISO 28$ 27$ 27$ -1

32113 388 20% 20 20% •* %

12 1747 11$ 011% n$ -$

12 67 323, 0321,33% -$

495 16% -16 Iff, -fi,

27 23 56 11% - 11 11

25 19 428 43$ 43 43% -7,

65 5332 u164%160 1601,-1%

.9 24 1856 129 126% 128$-?),

505 32% 31$ 31?, -$

1.40 6 9 15 93 20'; 20% 20$ -%

6 103 6', 6% 6%

1648 10$ 10 40

7 2 11 2082*0 OS'; 39$ -$

23 13 147 29?; 29 29$ + %

1.9 16 £03 6S% 67$ 88% %

26 IS 145 47 46$ 47

1.9 16 752 45?, 44% 4ff, .1,

39149 8569 u47% 461, 46% * %

I. 7 23 1514 48$ 48% 48$ 4$

5 296 33$ 32$ 3S,

23 73 455 15% 15 15% •$

1058 IS* 16% 16$ • $

34 2£% 21$ 21?* 4$

.6 23 611 108% 105% 10Sa-1$I
43 15 3037 70$ 69% 69$ -1$

85 4 u41% 40$ 41$ 4%

85 10 uS3 . 51% 53 4 1%

68 10 1841 39% SB’s 38$ - 1

2178090% 90 901; +i 3

17.-" 26$ 26$ 25$ 4%

99 * 35% 34% 341, -$
74800102% 1021, 1021, -$

Z*70u9l 91 B! 4 13,

770 9$ 9$ 8% H

23 25 1039 991, Off, Off, -2$

II. 8 3*38ulS$ 18?, 19% 4%

z4HJ £0$ 20 20 -%

Z320u1ff, 18% Iff, +11,
Z300 18$ 1B$ 18$ $

111 21% 20$ 21% 4%
z40 26 26 26

z5220i66$ 65$ 66$ 4ff,

1 8 12 187 15$ 15 15%

70

*0

50

303,

68

a

50%

44 $

28%

10 10 64 44 " 42$ 423, -1$

It z300 uS8 56 58 *1

58 27$ 27 27$ +$

.4180 22 12$ 121, 12$ * %

3 MO 28? u45?g 45 45?, t $

1 6 14 1296 u28$ 28?, 28$ - %

£6 14 458 39% 36$ 39 * %

12 10 14 14 14 + %

.6 18 165 25$ S', 25% - '«

19 16*4 333, 32% 32% - 1%
.4 13 1* 4f$ 403, 41 -$

64 10 7W u36% 3$e 35%

£0 17 3?6 u26% 281, 28% -$

441 7$ 7 7 -',

£ M9 390 22$ 22 22$ * %

13$ Fluor 40 £5 18*7 Iff, 15$ 153, + %

45% FooteCZ-ZO 30 15 3*3 58 57% 57% + %

40 5 6358 u’1% 68$ 60$ - %

9 5 72 14% 13?, 14% * %

18 20 1110 uS3$ 49), 493, + %

14 14 I2i\ 13% n 13%

55 12 28 12$ 12$ 1£$ - %

25? 2S 24$ 24$ -%
23 1132 34$ 34$ 34$

ia 321 16% 16% 16$ +%

.5203 148 10$ 10 10),

26 3 170 63, b% 6$ + %

86 9 2917 Iff, tS% 15$ * $

£0 3* 36 £9$ 29% 29% -%

£5 7 1946 28 27$ 27$ - %

64 1110313, 31% 31% -%

1.1 11 161 It 38$ 38 38 -$

G G G

£8 GAP £0 .3 14 3062 64% 62% 64$ + 1?,

27$ GATX 1.20 3.1 448 38% 38% 38$

Jff, GATX pl£50 52 15 48% 48% 48>, + 1

4% GCA 5602 47, 4% 4%

«?, GEICO 1 1.2 11 7* B4% “

40% FordM 2 80
11$ FlDear 1 36
&0% 30$ FIHow s .92

15% 10% FdilWh 44

14% 8% FoxPhaffl
£9$ 22% Fo«bro 78|

3*)j £0$ Fovmyr
22$ 143* FMEP n 1.659
13% 91; FUGC n (fie

io$ 5% fmog tare

22i, i<% FrpiMci 34e

33$ 22 Frigtm .8)
28 20% Fruehl .70

32% 26% PruM p I 2
381; 29 Fuqua .40

12

H*

■?'%

201-

21 %

£1%

42

38

55

Law

P

4

30

*?%

lIPow p!2.M
IIPow 1X210
lIPow pl? 13
llPmr PM1?

ItPow jriiTB 38
UPow pf3.37« 6.7
IIPow txasta i&
IIPow pfS.83 II.
IIPow pl 4 iol

Ch'ge

ft Sb Ckna Pm.

Sack On. YhL E IQQgMgb lew Dm, Ckm

iu*W*r26< 99 8 7135 27$ 26$ 263, -$

Z640 u20$ 20$ 20$. ■+%
Z300 20 1 - 20$ 20%

zfi00 21$ 21 21% -rl,

z 4820*2 30 42

Z32S0u3&% 37>; 38% +$
5 50$ 50$ 50$

174 39% 39% 39i< -%

I 55 55 55 + 1%

25 40 40 40 -%

ITW 72 1.9 31 258 36% 38$ 38$ -$

impCh Z28a 45 7 3116 u50% 50 Sir, +%

1199 12 11$ 11$ -%

273? 141, ry, 14

II u21$ 21$ 21$ 4$

13 u22?« 221; 221; + %

SIB 30 29), 29$ -%

31 291, 29 29 -%

85131; d 3% 3$ -%

4 0 17 834 u64f; 63% 8*% + 1%

U42 41% 4?

16 16 16

27$ 19% InidSII 30| 509 26$ 25); 253,

49--, 4?$ InWSI PT4 75 96 331 4ff, 48), 4S% -$

2D, 18$ instlco I 5 0 15 320 19*, 19$ 19?,

267 5$ 5% 5$ + $

19 667 35$ 3b 3S>, t $

93 SB 33$ 32$ 3T, +%

9 6 72 44% 43?, 44% +$

14 334 16$ 16$ 16$ -$

14. IS 1CP, 10$ 10$ +%

137 W-*, 14$ 14% -1,

9 9 85 21% 20?, 21%

4.2 11 183 73$ 73 73% -%

7 1 9 *803 8$ d — —

J6% 37
55 50%

40% 31%

»% 27%

50% 34$

12% 7% ImplCp
iff* 10$ INCO .20 14

21% 15$ InfflM p 12 16 99

22$ 17 IndiM PHL25 10

31% 27i, ind,M P'363

29?, 22 lmJ<GBS?(M
7$ 3% InetcO 07|

63$ 44% ingetR 2.60
41$ 30% IngR pf 2 35 56 11

19% 11 IngrTet 54 34 26 £4

12
70 9

Cp

316 64
pl 250 57
pl 2 71
pl 2 48 9.4

87

ptFt3£4 It
pfO 313 1 L
pff>312 11.
PIB2 75 ia

pm*o i?

PIM342 12
prt 4 13
p*K 4 12 12
10

.80 4.9

2 9.1

pl 2 It
pl £07 It
pr £31 It
pr 275 It
p I 7.20 11.

43

«$

3»,

33?,

15%

?3%

35% 20
20?, 14%

12 %

43,

E39C0
EasiAir
EAL wtO

2?g 11-16 EAf. wlA

22*, 9?« EsAIr pl
— 10$ EAir pfS

15 EAir pfC
26% £1% EastGFI 30
9?, 17 EuiUd2.Ce

391, 39i; -$
177, 18

5$ 6 +$

r* ?

1C; 11% 4 a,
11% 121, *$
Iff; 17 ♦ %

. 15

29$ 22% DynAm .20 .7 12 184 29 28$ 29

E E E

EGG .52 1.3 19 244 40
EQK n 126 7.0 64 18

E Sysl .50 16 19 1155 28% £7$ 28%

EatfaPUM £8 348 u36% 34), 36% *2

9 16$ 16% iff,

5883 ff,

146 ?%

158 1%

89 11%

89 Iff;

99 17

64 " 449 24$. 24 24% -%

72 11 250 29 28% 28$ -%

53$ 411, EsKod 5320a 44 16 8700 51% 40?g 50$ -1

72% 49i; Eaton 160 £3 10 505 72% 70% 70% -1%

171; 11% EcfclM S .44 2 6 IB 1897 17 16% 16$ -%

32i, 20 Eckerdl 04 34 14 2133 30?^ 3ff, 30?, +$

35?, 26% EdiaBr 1.80 4.5 16 30 35% 35$ 35$ 4 $

Iff, 14 EDO .28 18 18 147 16 15), 153, -%

12 ff, EdCmp .16 18 14 1Q2 9% B?« 87, -$

39>, 24$ Edward 80 20 16 1588 u3S$ 38% 39%

26$ 22 EPG dp1235e 6 9 30 26% 26% 26%

EfToro .08e .6 13 517 12$ 12 12% ■*.%

Elcor 36 33 16 10), 10$ 10$ ■» %

ElecAs 13 163 4%

Elcop s .08 .4 £3 348 21?,

.80 5 6 16 43 K'-

SS 2?,

33 15 1197 85% 84$ 84% -%

9 9 14 1175 10 9$ 9% - %

£5 17 3199 u21 20 20 -%

38 13 363 37 36% 3ff, 4%

72 10 146 26$ 26$ 26% +%

z IX 5% 514 ff, -%

8 Emp pf .92 95 zllOOlO B$ 9$

9

7$

3$

19

iff*

12 %

3,

IS?# iff; Elgin
85* 2 Ebant

85$ 663, EmnE1276
13% 6% EmRadM
20$ 15% Entry* .50
3ff, £6% Emhartl 40
19% EmpOsI 88
4% Emp pf SO 05
Emp pf .92 9.5

Iff, 72$ EnergiAOA

7-18 1-32 vfEnE*

21% EnglCp .72
15 EntsBus 36
19% Enaemlf.EOb

4$ 4$ -I,

21$ 21$ +%
14% 14$

2 ), 2 $ -%

7.012 60 13$ IT* 13$ -%
310 3-32 1-16 T32

30% 21% EnglCp .72 £0 15 292 24$ 23$ 2* -$ I

28 15 EnrsBus 36 1 4 18 193 27% 28 26 - 1$

29?, 19% EnaercJf.fiOb 86 1192 19% dl8% 18% -$

21$ 15$ EnsE* n£40e 15. 11 3*5 10?, 16% 16% -%

2$ 1$ Ensrce 14 172 1% 1$ 1$ -%

13% 7$ Enter* 10658% d

18)4 9 Eme*E?-50 22 182 11%

20>, 17 Ente*lm.36 72 II 1ST 19%

41$ 24% Eoufv s 1.24 3 1 34 84 40%

6% 3 1 , Eoulrnk

223, 14% Eqmk p?3 31

501; 33‘g EqtResI 72

a.

Egurtec 16
Erbtnm X
17% EssBus 44
Iff; EacxC s 70
15 ESrfne 72
Iff, Entyl t 60
49% 33% EkCelOl72
19 15% Eredsn.Me

55% 46% Exxon 3 60

17

nP,

29%

2S$

2i

3ff.

a

ff, 71, -11^
11 u%

19 13 - %

40% 40%

s? s? +1 »
22 22

35), 38% 4$
ff, Iff, - 1,
19% 19$ -$

21 191B 5$

It 1? 22%

4.7 B 311 36i,

16 8 27 3 10

1 5 14 258
16 17 119 u£9% 28$ 28$ - %

£8 18 66 25% 25% 25$ - %

33 85 78 22$ 22 22 - %

1.7 30 1147 37$ 3S$ 3S% - 1- J

3 5 12 318 U49?g 48?, 49$ »$ n
9 7 73 U19I, 18$ 19% 4%

7.0 8 9564 51?, 51% 51% - ?,

19$

25

S$

33$

14$

4

43$

9%

1?,

15%

401, 27
10%

35% 25

*% ' ■;
83 63% 4$

437 3% 3 3

1 4% 4% 4%

3223 SC, 43% 49% — ? L

1 43?, 43% «3?g - %

22 28$ 38% 28%

43 2*5$ £6% 26$ -%

67 ffg ff, ff,

26 21 15B4 6ff, 66$ 85?, -I*.

1896 41 3ff, 39$ - 1$

d 3 3 -

19 18$ Iff,

232 11 10$ 10% -%

222 13 12), 13

£0 22 972 76% 74$ 74$ -2$

81 341 19% 18?, 19 4%

1.S 13 28 66 64% 64$ -$

1 » 19 375 u48 443, 45% - $

27 u44% 44 44 +1

22 472 Iff; 12% 12% +%

6 117 17$ Iff, 17% -$

44 7$ ff, ff, - % ,

2015 75), 7V, 72 -3$

3 1 15 5*04 u7S$ 74$ 75

16 2C® 6$ 6$ 63, +$

T 2 25 439 25$ 247, 25% - %

47 10?, 10*, 10?,

2875 21% £0$ 21 -$

599 62% 6ff, 62% -%

1037060% 79% 79% -$
36 045 43$ 44$ ->1;

27 uS9$ 58% 59 *\

1483 41 40 40

.16 £8 67 5), 5% 5$

13 1233 u19% 19% 19%

154Q 1126 119% 117 117 -2

£3 4 2 11$ 11% 11$ -r$

35 30 982 u52% 51$ 52

66 z1330u 14% 13$ 14% +%

90 Z2850u14% 14% 14% +%

66 ztOO 65 85 85 + 1

396 3?, 3% 3% +$

502 Iff; 11$ Iff,

358 27$ 27$ 27$ +%

28 25 25 25 +%

14 16 100’ 3D, 37% 37% -%

27 19 4871 u2B% 29 29$ + %

750 221, d£Z% 22% -%

61 28 27% 26 +%

3 25), 253, 25% ’ $

44 29% 29 29% 4$

235 30% 20$ 30% + %

32 u24% 24', 24% + %

15 24$ 24$ 24$ -$

49 26), 26), 26$ ♦%

zlOGQuTQ 7b 75 -»$

Z20 71 71 71 -1

14 16 958 39% 38% 36% •

.5 17 #41 uT4$ 23 23% T'f

Getty S .16 .4 75 486 43% 40$ 40), -7

69 16), 16% 16$ -«i

2216 12 11$ 11), 1,

250 20$ 20% 2ff, \

13 15 760 79% 77% 773, n :

125 593 IS), 18>, 183, •%

1JB 2624 2*$ 22$ 23»2 '?,

527 1 dS-16 %

Ml 2$ 2% 2$ +%

21 699 13?, 13$ 13$ -%

293 3 2$ 2$

891 43?, *13, *2$ .

204 40 39i, 33$ -$

2?*" GEO
3$ GF

Jff, GTE
34$ GTE
20, GTE
£7$ 21% GTE
ff, 2 GalHou
671; 52$ Gannett 88
45 11% Gap a

13'- 3% Geartn 20} 10313%

22% 16% Gelco 56 10 12 *5
12% 9$ GetrdtC

13 10$ Gemll 1II3e

77 3fr", GuCoqt 50b

20 16 1 , GAImr 1 54e

65% 38% GnBcsh 1
45>, 29'; GCutm .50
43 £0% &Cm pi .56 1.3

Iff, 7% GnDala
161; 9?g Go Dev n

8 2% GnOevwl
8ff- 62 GnDvn 1
75?, 56% GenET 2.32

9 4$ GnHme

26$ 12 GnHosi 30
Iff, 6't GnHoia24
£1% 123, GtXns) 25
65% 45% GnMXI£24b

80$ 64% GMot 5r
44% Off, GMot p!3 75
58?a 49 GUol pf 5
4ff; 28% GMlr E .40
fli, 4% GNC
19$ 11$ GPU
120$ 70$ Gen Re 1.78
M$ 7$ GnRelr
52 37 Gn&gnl.80

14 10% GTFI p(1 25

14 ID", G1T1 pfIJO
86 68 GTR p*816

5?, 23, Gertsco

19$ 8 GnRad .10
28 19 Gemi g 1 JO 4 3

26% £0 Gstpf 168 67
36$ 301, GenuPtl.28
S$ 20% GePx .80
2Z), 223, GoPw pl
28 ?b 2ff; G*Pw pl 3 II.

30 25 GaP* pf£76e It.

30>, 26 GaPw p!3 44 1£

31% 28 GiPw pfX76 11

24$ 191; GaPw p*256
3*3, 19% GaPw pU55
£6), 23$ GaPw pfZ75

74k, 53% GaPw pir.90

72 50$ GaPw pf7.72

43 26 GerbPtS 32

24% 15% Gerb5c .12

44% £1%

16?, 9$ GIANT
Iff, 5% Gtbrfn
27 16?, GiHHtll .52

60), 54 GdletreZbO

14 8

£2

12

36

636

84

15

10

.8

ia

ia

10.

ia

it

£6

11$ GtaasC
9% denied .30
13-16 vtGfbM.1^
ff, vjGU>Uplt75i
GldNug
GfdN wl
Gld«VF,.l8
Gdricfi 1.56
Gdrch p!97
Goodyrl 60

18$ 15% Gordnj .52
37$ 19$ Gould 68
5ff, 35% Grace £80
42$ 28?, Grangrs.68
28$ 12?,- GlAFa 48
22% 14$ GtAtPc.lOe
22 15 GMm 125a

46?, 32$ GtNNk 152
44$ 2z% GlWFin 1

.4 8
4.0

ia

469

21% 15% GMP 1.78 14 11 41

Z200 9$

3642 35%

£9 24 18 .16%

24 3150 29

5 3 19 2684 54% 52% 52$

17 17 836 41$ 41 41%

17 8 485 u28$ 27$ 275,

.5 9 240 22$ 21$ 21% -%

IS. 31 21?, 21$ 21$

3.3 26 2332 46$ 45$ 46$ +%

£3 9 3199 44% 43$ 43$ -1%

S, J2$ %

Iff, 1;$ -%
27% 28], -3,

3*

40% 22$ GreenT
34% 237, Greyti 132
7$ 4$ Groker

IT, 9% GrowGitUb
12$ 7 GrubEl 08
36$ 247, Gram 1
27% 251, Grunt pf£80
£9$ 22% GuiUrd 68
54$ 30$ GhWsi .90
17$ 10% GuffRs
23 1»i GullR pfl.30

iff; 11$ GMStUll 64
47 37% GJfSU pis 03

aw, 27$ GKSU pr3B5
35% 31 GlfSU pr4.40
33?, K% Gulton .60

•44%

20?, 20-g %

8 102 39?, 39% 33$

19 14 1827 34$ 33% 34 +«,

10 1364 7$ ff, 71,

£9 15 133 10$ 10$ 10$ - %

.9 18 234 83, 8$ 8$

42 9 2019 25% 023?, 2* -7%'

IQ 12 26$ 26$ 26$

£3 15 207 u30 29$ 293, * %

I 7 15 1380 54 53% 53% -$

3 4 305 !!% 103, 10?, +%

7.9 5 Iff; d!6% 16% -%

1£ 7 3578 13$ 13$ 13$ -r $

11- *6380*8% 461, 46$ -%

12 38 31% 30% 31 -r$

II 43 33?, 33$ 333,

27$ 23% HflE
32% 17$ HaJIFB Ir
32% 2l% Halbtn 1.80
22$ 15$ HkJwd nl 12
as’, sa. HamPal 36
HanJS 1.47a

*2% 28?,
>6% 13

23

Hanjl 1.84a
Handl s .56
HandH 66
Hanna .40
HarBrJ I
41$ 25$ Harlnds .68
14% 9 Harntsh
28), 24% Ham p*B340 12.
35 247, Ham pfC£!3 60

18$

19%

16$

16%

46%

25$ 15$ Hrpflws 60

33'; 22% Hama .88
18$ 12 HarGrp
38?, 26% Harsco 1 38
40% 30$ Hartmrl.28
Iff; 15% Kanse . 1.60
28% 19$ HawEI 1 72
13$ ff, HayesA .40
30$ 19% Haztetn .40
17$ g HezLab .32

1.7 16 428 u3A$ 33$ 34$ + %

H H H

£28 94 12 146 24$ 24% 24$

T40T 19% 18$ IS - $

8 0 83 5848 23$ 22% 22$ -%

5 7 14 129 20$ 19% Iff, - 1%

15 22 2617 39 36% 38$ +%

91 32 16% 16 Iff,

83 94 22$ 22% 22% -%

1-7 19 597 u33$ 33% 33% - %

15 36 69 » 18$ 19

1 6 28 222 22% 2£ 22

1 2 20 397 u8(r% 70), 80% + $

17 23 131 41% 40$ 40$ -$

20 3125 u15% 14 15 + ';

51 28% 28$ 2ff2 -.3,

188 w35$ 33), 35% + 1%

28 14 34 21$ 20% 2 H, +?,

29 20 1165 30% 29$ 2&% "$

II 1463 15% 13$ 14/, + 1$

42 16 T25 33% 33i, 33$ -%

12 12 82 40 30% 39$ -$

10 12 32 Iff, Iff; 17$

6 I 12 224 u2B$ 28 28% + %

37 10 *3 10*% 10$ Iff, +%

20 12 112 20% 19$ 19-% -%

1.9 24 140 17$ 17% 17% -%

£5 10 HlthAtn 21 441 12 11$ 11$ -%

24% 19 HnCrPn 1.29a S3 109 u24$ 24% 24% + %

22$ 5 HIlUSA 777 63, 6% 6% -3,

17 10$ Hocks .28 17 234 ulff, 16$ 16?, -%

18$ 13% HecWM.20 15 995 13$ d1J% 13%

23?, is$ Ke*fmn.46a £2 13 457 22 21% 21$ - 7,

40% 20$ Hetlig .40 1 0 20 13 u*0$ 40% ,0%

34% 22$ Heinz a .90 £8 16 2634 32% 3D, 32% +$

146 1Q2 Hemz pti.ro 1.2 1 144 144 144 -2

9

9?a
19$ 8%

i£?s

13$

39%

15$ 9?a
19

Sff,

26$

12%

«

67%

431,

40%

3S$

24%

33)4
18
23%

D,

37

'%

*$

F F F

73$ Sff; FMC £20 30 10 610 U7S$ 73% 74% * $

87% 74 FMC |X225 £4 I u9£% 92% 32% ' 5

30$ 20% FPL GD96 63 10 4400 u31$ 30 30?, * %

‘ 11 76 39 B$ ffg 9% %

7b 11$ 11% 11% %

24 1283 8’; 8% %

12 18 30), 30$ 30$

1 7 11 1573 11$ 11$ 11%

1.1 22 128) 22$ £1$ 22

7 159 57 Sff; 56% %

16 14 Ml 24% £*% 2*% %

£0 30 164 10$ SO, 9?, 1,

1 3 10 354 6$ 6% 6%

16 12 192 56$ 58 SS$

26 1665 u69 67 % 67-$ « $

31 ?, FdHm pii44e 38 135 4i *SJ% 40% %

33% FdMag 1 80 40 10 87 4Q1, 4ff, 4ff; 4 %

5 60 1106731$ 30$ 31 1

£9 45 785 uZS% 2* 24% t %
7.1 64 u33 n 01 II;

59 IS 57 Iff, 17$ 17$ - %

30 16 176 22?, 23$ 22% - %

3.7 10 1245 68$ 68 66$ 1$

L20 37 24 473 32$ 31% 32% * 1,

l*$ 25$ Fldcst 1 2 4,2 32 u42 41$ 4H, - v.

FabCtr .28
Facet

Foj rend 20
23% Fatre pl360
Fatrfd 20
FamDI 9 24
23 FrlVbtF

ifi% Far on 08

8 FayOg 20

4% Federa ,08a

33 FedICo 208

33$ FcdExp

14), FcdNU .16
1S$ FedtPa to
25$ FPap p/2-31
Iff- FedRh si 04
1?, FdSgnl 00
5 3), PedDSCS*
£5$ Ferro
25$ Fldcst

5% FvtCnA 14 1053214', ,33, 13?,

4$ FirtCp pl 60 ID 16 6 5$ 5$

41?3 29 FrnGp pfbOSe 15. ITS U42% 40, 41% *$

l*$ 3$ FnSBar 15 765 12% 11% U?i -%

— »% FltaRfnW A 889 ' 36% 35’J 35$

in, Firsstn JO 33 18 1823 24% 24% 24$ -$

W% FfflkSytaO 32 9 1751 u50$ 49$. 49$ - %

33% FBo« S 1 £012 14Uu50$ 48$ 49$ 1%

Iff, F*!Cmd.32 4 4 10 606 30 ~ —

45% FChi a 014 92896 100 51$

“ FCM p«7.23eia 20 721;

ff, F telex 60 63 13 727 g$

34 FIST* 0*5320 15 02 36

13 6% FlCity S 45 6$

33%

25$

W

80 69

17$

48

64?« 46-8 FFB 112 4.99

n% ion, FiFid pjBiooasT

44), Ftmste250 J&8
34$ 27 FlntSI p!2 37 7 1

11$ 5% FlMiss .24 42 9

8% 9, FsPa £3

33 Sff. FstPa pf£62 86
31?, 25% FlUnR]£04

82 64%

=30 111
1125 57
97 34%

426 5*..
977 ff,

29$ 29$ -%
51$ 51$ +$
72 72%

9% 9% ♦ %

35 35% -%

6$ 0$

63$ 88$ -$
lit 1«1 ti
55% 55% -1$
33% M$ -$
5% 5), -%

7% a

338 31% 30% 30, %

u2S! » 3 '» i 30% 20 FIVaBh 32

7 5 14 193 27$
3.1 12 182 2£F,

2ff; 27$ -3*
29$ » *

25% 13$ HetneC
24?, iff, HaimP 36
44% 31% Herculd 60
23% 13 HeniC S-CkU
40% 34 HentC pH 50
27% 16 Hermnn

56 38?s Hersnyi 50

6?, 5 Hescion

44$ 28 ), HewlPk.22
34% 24 Hncai .60

24% iff, HtShaar50

iff, HiVoli .17

29$ 20 ?s Himbrd -56

73% 55% Hilton 1 60
41 26% Hitachi. 36a

65), 483, Holiday 1
92?, 74% Hl.dyA 1.701
— HollyS I
HomeO
HmFSO
HmeGpit.lO
£8$ 20% Htnsike 20
28% 12$ Hmsffn40

69, 50 Honda .53e
86% 54% HonweJI 2
*0% 23% KrznSnl 28
6% 3$ Horizon

52% 28% HCA
21$ 16% HotNn s

46?, 34% HoughM04
19$ I* 1 * HouFBb48
45% 28$ Houslna 81
96$ 76% Hobil pJ£37
88), 74 Holnt p/S 25
30% 22% Houlnd£64

132% 68
20% 10%
35% Iff,
10% -

TO 78 24% 237 t £3?* -«l

1 9 32 1257 19), 19 19$ ♦ %

17 18 3*12 441, 423, 42% - f$

44 992 23 £2 22% - %

19 19 38 3ff; 38% -1$

19 62 27% 28% 28$ -$

27 15 192 55), 54), 55 - %

266 S% b 5% -$

.5 23 7964 44% 43$ 43$ - 1%

1 7 18 1SS u34% 3* 34$ + 1;

£2 9 180 221; 22% 221;

1 4 11 149 12$ Iff, 121, * \*

1 9 17 47 29% 29% 29% - %

2 8 16 1192 66 64% 65$ *■$

.9 202 40$ 33$ 3B?, - 1%

1 5 13 977 1166$ 64$ 86$ + ?,

16 1 u97 97 97 ♦ 4%

.8 16 123 119% 130 -ff;

38 12S9 143, I4i, ui, - 5,

10 955 u35% 34$ 34?, + %

11. 21 ff, 8?e ff, + %

.8 75 1190 34$ 241; 24$ t$

1SS 87 27% £7% 27% %

.9 9 2081 » SB$ 57% - i

£5 13 4616 83% 80% 90% - 2-%

12 12 S3 u«Pj *0 4ff, + 1,

19 5% 5 S - %

.66 1.0 12 4505 36$ 35?, 38% 4$

2 13 18 26 21% 21% 21% - %

£2 17 92 0471, 45), 47 ♦ %

13 13 73 14$ 141; 141, - %

4 2 12 702 44t, *3% *3% -$

£5 8 90 96% 96% +3,

7 2 37 8ff, 86i; 07 - $

8 8 7 1813 030$ 29?s 2ff, -$

21 118 8 Ti, 75, - %

3.6 »7 10 11%

12?, 7 HduOR1.74e
19% 10$ Hd«fCp.40
13$ S% Hu«y 40 3 3 44 3<S 12$
15?, 10% Hugh 71 48 4*157 1486 11%

25$ 17% Hugti5p 32 - —

25% Human 78
39% Iff, Hun Ms
«% 28), HuBEF .88
37 231, Hydra! 2

11% tf%

13% 12% - %

1.3 13 46 25% 25 25 -$

23 15 2114 33$ 37$ 33% • 1%

27 123 u3T% 23). 31 » !%

£1 14 5770 U43 41% 41$ %

58 11 5* 35 34% 34% 4$

I I I

41% 29% 1C hxj 1.4-OS 13 637 41$ 40$ 40$ -$

18 - 14% ICM A t£1e 60 06 15% 15 15%

i»B 8% ICN 96 432 14?, 14% 14$ -$

33% 25% ICN pf £70 83 SB 33% 33$ 32$ -$

19 Iff, INAin 192 10 44 19 ia?, 18?,

zn, 21 IPTim n i.42b 56 195 2b% 24), 25% »$

17% 14$ IHT Prsl.SO 94 7 55 10 155, lfi *%

Cp 1 £4 13 6496 4£ 40$ 41 - ?,

pfK 4 52 5 77% 77% 77% -%

431,

78i,

JP

BO

ITT

29
57
SB
41
59

.11 Rl im .80
24$ 19$ ldahoPsl.72
16$ 1-a WealB

ITT

ITT

rn

pfO 5 6.8
pfN£25 39
pfl 4 50 57
" 41

9 o73$ 7ff; 73%

1 56 58 58 - 1

B uOT, 7ff, 79>, -3,

469 14?, 14$ 14),

70 11 £94 24$ 24$ £41, %

213 4 3% -k g %

10$ 9
14?, 8$

21% 17$

73$ 61%

12 % 0 $

56$ 441;
iff; 6$

22% 761-
150$ 117$ IBM
33% 19$ IntCtri

40 26

11 % 6 %

7% 3?,

*a 2
60 48%

34$ 20,

44 31

0% 4% impRS

36% 15% IntglHc

3*% 23$ InlgR pf3 03
4ff- Wj Inigfl pi 4.2S
IP, 7% Innog n

tmloq pH SO
ln*RFn
ItcpSe £ 10a
inie/colOS

IntHst 60 7 1 9 *803 8$" d 7?« 8%

Irttrtk 260 46 11 196 u57% 6ff, 66% - %

Intmed 631 S$ 9% ff, -%

IntAJu .72 3 8 11 70 Iff, 19$ 19$ +>,

*40 £8 15 1&4£ei1«J$157% 157);-- 1$
50 1 8 12 43 2P, £ff, £7%

11 20 282 37?, 37 3P, -$

11 3425 8?, 8% 6%

687 5$ 5% 5$ -»%

7090 31, 3 3% - %

12 S7$ 57$ 57$ -$

44 271, 27 27 -1,

8 7 7 3*23 32% d2S$ 29?, -ff.

4,8 12 112 371; 36$ 36% -$
4 3 26 3831 561, 951, 55$ -%

497 10$ 10$ 10$

B% incrtn z«n 60 12 727*41$ 40$ *1$ — %
IBS" 140 mtNl pU’D.50 7 3 4 144 144 144 -*3$

105% 95 IntNt plHIO 509.8 14 ulOPglOffg 1071, +3%

48% 33% JnfpbGd 20 25 18 152 U*9$ 40% 40, -%

~ — ' " • - 1* 80 26?, 26$ 28$ + %

84 If 157 22$ 22$ 22$

29 13 3*1 ui3$ 13% 13$ *$

84 IS 370 u23 2ff, 23 -/$

7 9 9 63 u3?$ 3ff; 36), - %

90 Z420 25$ 25$ 2S>, r %

80 10 106 u33$ 39% 39$ + %

73 11 174 47$ 41 41$ +$

27 12 117 13% 13% Iff,

4 J 8 33C2u49$ 48% 48% -%

J J J

26$ JWT 1 12 30 19 1S7 u37»g 37 37 -%

23), Jfiiver .56 13 M 950 44% 43$ *3% -%

173, JamswylS .6 11 296 20 Iff; 20 + %

10$ JapnF 1 73, 11 Z74 13% "

36 JetfPII 1.52 31 11 207 51%

37$ 2 T% JbtC pl 4 It z200 u3S

Sff, 65 Jure pf 936 10 Z420 u93

Inflav 1.16
IntHarv
IntHr at

IntH wtB
InW P*C
IntH pfD
IntMm 260
28). lntMulll.76
44% truPapr£40
71; IntRc S

2ff, 1S$ tniBakr
23% 18% lntsiPwt90
13% B?« tntSec n .40
22% 17$ loweEl 1 9*

37 28$ towtlG £90

23$ 19% kiw)» p»23t
39% 30tg lowaRS116
41$ 31$ (pelco 3.04
1*% 10% IpooCp 36
48?, 31$ IrvBnK £08

37$

*S%

28%

1*%

53%

79 56% JerC pl 8 10

103 66 JerC pf 11 11.

22$ 15$ JerC pi £18 98

23 Ti- dealer

13 13 - %

49 *9 -1$

37$ 38 +1%

92), 92$ +$
;300 u79% 79 79

zlOO 101 103 103

116 22$ 22 22$

24 41 u23% 22?, 23

55% 37" Jotinjftl.30 2 7 14 2132749 47), 48 - 1%
56$ 38?, JohnCn 2 3 6 12 1097 u5fl% 55), 56% +%

67% 50$ JhrtC p* 4 25 6 5 7 66 6S% 65% - %

27), 22$ Jorgen I 4 0 17 44 25% 24?, 24?, -%

29% 22% Jaslens .88 31 16 356 28% 18$ 28%

£7% 21$ JoyMtfll.40 6.0 27 317 2ff, 22?, 23% +%

K K K

IF, 7$ KOI 24 £1 14 189 11$ 11 11% -%

23?, 14% KLM .5 to £2,13 7B2 23$ 23$ 23$ -$

39?, 30$ K mart 1 *0 3 7 12 30*8 38% 37$ 37$ -$

18$ 12$ KearAi t S) 1660 17$ 16?, 17 -%

69 51 Kal SpM 75 70 S 68 66 68 4 ’

18% 13$ KatsCe .20 1.2 11 20 IP; 17 17 -%

14 11% 11% 11%

89 13 439 4$ 4% 4% -$

93 6 3482 u25% 25% 25%

10 zqOO U4ff; 4Q$ 42% 4-1%

10 S 21% 21% 21% -1,

11 19 22% 22 22 -$

£0 11 815 56 5* 54%

Iff; 11% KCSo |X 180 ZlOO Iff; 12% Iff; *7,

19$ 9$ KartGET.18 7.3 8 B)3 16% 16% 16% -%

70 10 472 45 44$ 45

86 10 26% 26% 2ff;

13

3

*ff,

23$

23>,

ff

323;

Iff,

. 17$ KCPL p!233
56$ 4ff, KCSotl 1.08

KonebSl
Koneb 40
KCtyPL£36
KCPL P'4 35
KCPL P'220

45% 32$ KenPL«16
2ff; Iff; KaPL PI2 32
25% 19% KaPL P'2.23
45 12$ KaMn

115 33% Katy pfl 46 13
21$ 12$ KaulBr SO £3 B
19% 14% Kau) pl 1.50 7.9
96 74% Haul pl 875 8 1

22 KeHoga 1 £8

75% Kellwds .76
17% Kenmt .68
13?, KPToy n
24% KyUM 252
. 9$ KerrGI .44

21% 171; KerG pfl .70
36 25 KerrMcl.fO

28 16$ Kaycp a

S ff; KeysGd
iff; 12)* Kaylma.48
371; 30$ Kidda 120
79 48 K 1 mac 12 32

30$ KngMRJS
iff, Knogo

Kogar 250
Kotonor 32
K opera 80
Kopr p) 4
Korea .53a
Kroger 2
Kuftlms .40
Kyocer.35e
Kysor

2 25% 25% 25% +$

141 17% iff; 16% -%

12 45% 44 . 44 1

781 u2 2% 21 22% + 1%

5 19. 19 19 *%

*7 98 96 96

1779 35?, 34$ 35$

£4 11 169 31$ 31% 31$ +%

37 2* 128 23?a 23$ 23$ -$

478 17$ 17$. 17$ -%

7.6 12 *784 33$ : L 32?, .33 , - %
34 - 4 • 13- -..13 13 r-

ao 2 £1% £1% 21% %

42 10 1101 26$ 26 26% %

11 96 28 27?, 26 +$

10 3I» 3$ 3% .

£6 23 326 19 1^ 18% -$

18 10 535 33$ 33 33 - %

10 13 445 78 77% 771, -$

1.9 21 806 u47% 46$ 46$ -%

20 70b 21$ 21 £1% -%

17 40 J15 25$ 25% 251, +%

19 113 16», «“* “

32 1513 24?,

Itt 220 40

£7 413 u 19$ 19% 199, ♦%

4 2 12 1033 47? j 471, *7i, - %

£1 IS 68 18?, 18% 16$ +%

.7 26 25 49% *8", *6?, - ?,

19 9 32 23 22$ 22), -%

L L L

29% 22$ LAC n 30 1.2 1258 26), 25,29% -3*

33% 25?, LN Hd02e 93 11 50 32% 32 22% +$

Iff, 7?, LLE RV32e 27. 417 6$ 8$ 6$

37%

3D,

£4%

S'.

13

W«

Iff;

331-

12$

V’t

26%

16

40 40

16$

24), -%
+ 11.

4% 1

12 ), 5 %
24% ff;
68% 31

18

15

30$

9

37

8%

11

Sf

21%

LLCCp
LTV
LTV plB£29|
LTV pJC39$
LTV p»9*j
LOuini

2i, 2%

6% -6$ - %

12$ Iff,

301, 38*4 — $
9-,

iff, 12?, -1,
30 30% -+%

Iff, 71,
4$ 3%

Lamur s .24
LamSe9

Iff; 10% LawBnr 56
24 6 LearPt.2Cb

2ff; 16$ LaarP p!287
57$ 4S$ LearSg 2
21 14), LeaRn)s-*0

37$ 28% LswyTn 50
40); 31% leeEntl.18
11$ LegUuZOb
10$ LegP1,L60
l?a LehVel

Lehmn£02e
Lennar .20
LeueM

11%
ffa
12

- 6,4
diff, 16%
50% 50?,

+ '«

621 2$

2756 8$

' 67 13.

1 38%

2 9?,

26 174 13

LaciGs 1 90 63 9 59 30*4

Laiarge 20 23 23 49 8$ 6% 0$ +.%

Lairg pf244 92 2B 2®, 26% 26% -%

"* 2! £4 156 11%

16 153 3?,

4.7 224 Iff,

3 3 428 6%

1& 45 17

19 11 409 51
£2 18 9 18% 18% Iff;

4.0 17 596 37$ 371, 371; - %

£5 19 - 70 46 . 45$ 46 + ?,

.7 2D 266 u2ff; 28 28% + %

1.6 IS 240 371, 37 37% + %

179 2% 2% ff,

14. 24* 14% 14$ 1*$ +%

1.3 11 365 15$ 1*$ U% -%

5 76 25$ 25% 2S$ +%

59% *2$ LOF 132 £2 10 253 u59$ 59 59$ +$

35% 28% UbtyCp 72 21 13 475 35 34% 3B, ♦ %

57$ 36% Lilly s 1.80 3 2 15 1659 57$ 56% 56), -$

371, 173, Limed s 16 4 35 2060 u37% 35$ 35?, -1

59?, 37i, LincNtl 2 34 13 728 58$ 58% Sff, -%

' " 91 31 24?, 2* .24$

11 70S 80% 78), 78$ -),
15 8 *234 Sff, 51% 5U, - %

£1 18 161 u3B% 38 38 ♦$

1 b 1£ 1S64 67% 66$ .66$ - 1

.7 17 96 35% 34% 34% - H,

3 2 14 732 u44% 43% 43>, +$

90 IT 108 .28 27$ 27?,

13%

10%

17$

25$ 21 ImcPl 224a
93% 64?, Litton 1 5Q
58 43% Locxnd 80

37i, 27 Loctne .80
67$ 41% Loews la
43$ 29% Logicon£4
43 27?, LomFwi.40

38% 23$ LomUlg.72
7 LomM wt
2T% 79), LomoskC
34% 21% LnStar 1.90
62% 45), LonsS p/537

12$

s%

LILCo

371,

25

UL

pfB

35

22

L1L

p#E

83%

61%

LIL

pO

SS,

18%

UL

P*

25$

16),

LfL

pW

2S%

16%

UL

piv

29%

Iff;

,S *

UL

piu

UL

*1

19

11),

UL

p"* .

21%

13$

UL

pfO

32%

24

LongDs 7 2

39

2B

Lora

52

10$ LsGenI SB
38 23), LaLand 1

25 17$ LaPoc 80b

33?, 24'% LaPL pfAl.20j
26)4 17), LaPL pJTS*

33% 25), LnuvGtC 52
33'? 20), Lowes 36

276 3 1 , 3% 31, t >,

94 113 u21$ 27% 21$ +1,

6J4 1778 32% 30% 30% - 1$

94 84 56% 56% 5M, - p.

3 1*8* 11$ 11% 11$ -%

ZlOO u3?% 37% 37% + 1%

*790 35 34% 34t, - $

1 79 75 79 -1

09 25$ 25 25$ +%

37 25$ 25% 25$ +$

18 25 .2*$ 25 +1,

16 29% 29 29 -%

38 23% 23), 23?, +%

16 18% 17% 18

7 19), 19), 193,

23 16 175 31% 31$ 31$'-$

1 4 18 *874 38% 36$ 37 - 1%

53 IS 87 11% 10?, 10?, - %

4066 1?85 25 2*% £5 *3,

12 16 1622 u2S% 2*% 24?,

31 33), 33% 33),

49 Sff? 26% 26$ - %

7 7 10 168 32), 32$ 32$ - %

' 1 21 1350 11341, Off, 34

Z8?, 19$ LubfiJ 1.1* « 3 16 384 27% £6?, 27% i",

4J$ 20% Lubvs 60 1.7 22 9) 36$ 35$ 35? a -%

26 Iff; LucHySl.TS *7 12 3S29 2*% 24% £4% +%

a

IS
10
38$

36%

. >3%

13?, 11$ MGMGpf *4

~ 11 % MGMUi»

2$ MG Mu wi
1£$ MB Lg 571
23), Macmls 55

15?, 11$ Lukens .46 18 55 12$ Iff, 12$ ♦ %

M M M

MACOM4 1.6 20 982 IS?, 15% 15% %

MCA S 68 1.4 23 4741 48% 47 C7ig 1$

MCorp 1 *0 7 1 6 2014 £0 Iff, 18$ . $

MDC 36 £5 a 4SB Iff* 1*% 14% $

MOU 2.72 6 5 10 52 u*2 ■<)% 41% + 1,

MEJ ^0 1 3 15 253 37% 3?$ 37), - %
MGMG/44 2 6 35 55 t?% 17% 171,

£4 4 13 . 13 13 t %

8 1345 25 34% 25 ♦$

16 B$ 0$ 83, ♦ %

3 18",' 18", 10?, ♦ %

1.4 20 3*6 40% *0 40 1

40$ Man 1 16 18 17 345663$ 63% 63$

3ff- MacvtX4 25 4 4 2300 98% . 96% 96% - $

13 11 434 u60% 59% 60 ♦ %

1.5 6*4 13$ 13$ 13$

27 15B 12 11?, 11% 1%

.7 20 3094 17$ 10$ 16), $

18 33* 2B$ 2ff, ffl% %

7.2 5

53% 33% MagiCilIze
16$ 18$ Mannin 20
21% 8$ UanhNU?

IF, 13$ MamCs-lZ
29$ 15$ ManpwiSSl

*9!, 33-% Mir HarG 2*

56% *8), UlrH p!989a 12
52$ *6 MfrH |X5 23e 11.
6% ff, viManvl
£5), 15); ylMrtvfpf
33-% 3ff; MAPCO 1
5?, 3 Marne

1% $ Marc da

44i; 30$ Marffna.80
60% 26 Marlons 38
13$ 83, MarkC .32
16% 13)4 Mark pfl 70

131% 80 Harriot .6*

60% MrsflU2 70

1954 40% 44), 44$ %

2 51 51 61 - %

; 47$ *71; 47$ *%

1084 5$ 6$ 6$

>■*

-%

363 16), di5 15

26 10 x 139833 371- 3m,

147 5$ 5$ 5$

*00 11-16 9-16 $

41 7 139 44$ 44% 44%

.6 48 333 56% 56 56),

£6 54 Iff- 12% Iff, - %

67 - 10 16% 16 IB .-%

-5 21 ' 531 u 134% 131 53U, r %

£8 22 1130 97$ 95% 97 t ff.

12 Kotik
Ftigti It*

2JI «

4*$ 30%
47?, 29%
31; 1 ?g

26

10?,

48%

10$

e$

10%

42

*S ?8 22 %
»% 20 %
26$ 19?,

28% 13$
8$ 1%
13 8%

84% 58
87 64%

55?, 39)*
39$ 2S$
54?, 37$
14?, 7$

S%

35

48

37

54$

58

30%

2

35 %

IP

S

se t *o$
32$ 17
79$ 54%
147i, 97$
80 59

*3% 28$
1«$ Iff,

2-%

3

35%

Ti;

7

78%

1$
2%
28$

Z*

2%

.

76% 61%
80 53%

7S% 55$
25% W?,

S&2 Iff,

WPs 43#

15%

30%

3*

IS

96$

8%

15%

2ff,

10$

73$

Stick Bti.
Mrehln
klariMs 1
Masco .56
MaaeyF
MasCp 3
Baffnclffle
MasnF.Ve
Monel
Male! wl

fUdig

MayOS»S0
Meytg 91 SO
McOr P'2-20
McD# p*2 60
McDertI 80
McCrt WI
McOW 20
McDntd .90
MrDitO£D8
McGrH 1 52
Mclnt 0
McKostf *0
Mctoan
McLeawl

McNeil 1
Mead 120

Mosrux 36
Medtrn 80
Mellon £78
Mellon pl£S0
Uchrill 155
MeraBk 76
MercSi 130
Merck 360
Merdin 1
MerLyn 80
UesLPn
MassOf
MesaPn
MesofT196a
Mesab -76e
Mestek

mte pffaic

MlE PJG7 68
U£ pflfl 12
MlE PIH832
MetrFhGOb
MexFd 29e
McnERl *0
Micdby 06
Mldcon£44
MtdSLBI 33|
MhSRos I
MWE £76
M4mR M
MMM 350

Pi Sb

YM. E lOOiHigk

ss 15 23%

aaa ijte 36%
1 £ is 1250 46?J
270 2$
43 34$

31 13

69

10

6 12 794 6?%

6 1589 11$
297 7$

7 £32 Hi*
28 13 409 67$

36 16 859 *1%
11 *6 20 %
li n
11 787

BO

1.7 14 134

1 1 17 2906 u37$

2 6 9 671 79?,

28 19 3131 uS6$

. 9 30$

44 14 787 u55%
14 r,
335 2
11 13 6
25 ]0 401
10 18 289
1 5 18 418
488
97

27 1b 718 u57%
£4 7 553 32% .

16 13 115 <J80%
24 20 1739 u150
1 4 14 135 73
20 18 1123441% .
2973 13$
795 1%

1 1438 2%

69 13 20%

14. 188 5),

21 6 -
*2*0 u80T«
z640u78 .
Z4450u82%
z150u78%
90 U26%

223 2$

9 22

Boa Pm.
law DwtiOoK -

23 23 -%

39$ 35)/ - %

f- f B

33% 33?, -%
l£?S l£, -%
66 W. ff,
n% ‘li%"

7$ '$ - %

13% 13$ -%
69$ 67. ~$

41% 41% -$
20 % 20 % -%
.21% 21%'

14i } 14$ — $

1$ H)

12 .13 *%

84% 85. /•?,

78$ 7B?g -%
54% .54$ -1,
.30% 30%

54$ 55 >%

7% ?> -%

1-, 1-8 “’l

31$ 31.% +$
47% 47$ -$
34$ 3S$

51), Sff, +%
57 57 - .%

28$ £0% +.%
■56% 5V, +%
.31$ 31$ -■%
7B% 801, +7,
146-% 148 +$
71% 71$ -$
39$ 40%. ■%
12$ 13
Da. 1% •

0$ £%

•ESI, £ff, -$
5$ 5 1 - 'a

5?g 6 ♦ %

80% 80% +D,
77 78 + 1'-

80% 82% +£%
76% 78% + $
25% 25%

2% 2%

£1$ 21$ -%
3% 3$ -%
Sff, 56% -2
12% 13% -',
18$ 16$ ~%
U34 1 , 33% 34% 4-$
13$. 13 13

21$

14$

1$

12%

31$
4.-,
35%
52%
140 56
13 £8?,

45$ 30% MmPL 304
7), 4$ Mitel

34% 26$ Mobil 220
7-16 v]MoWH
5$ ModCpt
24% MohaSC 48
MohkDt

D*

ia

98
98
11.

248
11

6526

16 7S 22S 4

4.3 12 901 58 .

8 4706 Iff;

53 18 164 19

81 12 96

14 26 62 —

37 17 3360 1*99% 97$ 98%

68 10 301 44?, 44$ 44$ +?,

1 1425 5$ 6$ 5%

7 9 11 4638 29),

122 9-16
14 26 0$

1 5 12 482 33%

221 ff.

27), 28
%

ft ft

ff, 2% -$

62%

40%

MemCaLOSj

9

198

61%

59% 59$

- l'r

55

44%

Moncapf 3

55

14

55

54% S6

"jl

IS),

14$

Monrcn 80

*8 25

21

17

16% 16$

-%

55$

40$

MonsatiJO

48

*963 »%

54% 54?,

3*$

21%

Motive. *0

71 8

955

33?,

®% »$

$

21*3

17%

MonStLMa

6B

39

21%

20?, SO?,

Iff*

8%

MO NY .88

99 13

186

S

8?, 8?,

-%

21%

Iff;

Moores .72

32 IS

SU

u22$ 21$ 22%

29 *

Z2

MoorMI 04

4 4 13

241

2*$

23% 23%

- ■»

57

43?,

Morge*£45

37 8

7557 67

65% 65%

~ ?B

171,

12$

MorKefi20

12 14

114 -u 17$ 17% 171,

40

37$

MorKnd 48

35 1!

510.. *1$

41% 41-,

-$

26

1S>,

MomeS .80

23 17

77

24%

24', 24%

21

iff,

MigFay 1.80a

92 10

167

20

19$ 19$

-%

401-

28%

Morton .70

21 8

4768 34$

33$ 33$

*>

45$

29%

Motorfa.64

14 73

5274 45

43$ «$

-$

26?S

IS

Munfrd .64

28 11

154

19

18% 19

+ $

20$

0$

Mimsgs

14

29

19%

IS*

-%

331*

22%

MurpO 1

<2 11

272

241#

23$ 23$

Zff;

10%

UorryOBO

26 19

52

23$

23 23% +%

15%

12),

MoJOml.44

87

58

15

U$ 14T,

“%

4$

1%

MyerL

2858,

6

4$ S3,

+ 1%

24?, 15$
42$ 27$
20 % 10 $
271; 18%
47$ 33$
471, 251,

a p

i% $
59% 371,

30 22

39% 23$
IT 1 , 8?,
38 23?,

26 11%
31»4 25%
471, 25

5% a
3A1 £*
65 52%

32?, 18$
11 % 6 %

31 - 24$
Iff, 10%
«i'i :«%
35% -an,
17% 12$
13$ 10$
37$ 27$
17$ W,
20 161,
17$ IP;

55% 36$
28$ 26%
28i; 23
29 £*$

29$ 21$

37 28

82 65

29 24%

23 1«$

32% 27?,
20% <5%
39% Iff,
19 14

10 6 $

2-, $
22% «$
41% 31
4 T'f 3S%
Sff, 38$
105% 91%
731- 55
17 14%

17$ 11$
33", 19
33 21$

I6i; 10%
17% 10%
90% 62
16?, 3$
31 19$

53% 45),
16), 13),
72% ST,
45% 31$
20% 15

21% 1*%

i*» Si
471, 33 1 ,

55% 42

38 3ff-

45% 33%
4T Off,
52 38%

95% 75
76 58$

39% 25%
4?, 2?,

i§s

32%

n*

35

58?g

s-a.

|T;

33

22 $

50

51

P

3

105$ 77i,

N N

NAFCO 1b 4.1 22
NSD a 140 33 B
MB* . 17

NCH 72 £6 17

NGNB 1.5? 33 10

NCR 92 £0 14

NL *a62a 1448

NUt . 232 7.2 11
NVF

NWA . j 90 1.8 £7
Nalco tao 40 16
Nashua 12

NilCnv .38 36 34

NatDtif£20
NaiEdu
NatFGs? 08
NtGypal-52
NtHam
Nil .251 0

NU pf S60
NMedE .58
NMineS
NtPromlOB
NtSem*

-WSenvpf 4
’"NtSvf i ’82 £3 18
NSwnd 40 31 25

Narco .6* 559
NeyPw £84 7 711

NevP pILBD 34
■ NevP pfl. 95 98
NewSeLSO
NEmEa84
NwutEwi
NEnP p* 2. 76
NJRSC 220
NVSEGZ56
NYS pl 375 It.
NYS pf &80 II.
NYS pfA£58eti 1
NYS id £12 95
NYS ptDX75 12
Newell .70 £8 13

NwhaUs 40
■NewhH52Qe
Nwh)Ra76e
Nawmt 1
Nwperk
NmMP 208
NioktpM 70
Ni3Mp*4 8&
MaMpf525
NiMpf 10 60
NtaMpf7.72
fhagShl 71a
Nicotet .12
NICORV80
NICO pfl SO
NabMI.ia-
NgrdRs
Norths iS.40
No rim

Nome ,128
Nora? pf4e
Nortek Sta
NACoan.10

NAP ml 1
NEurO Z02 b
NocslUI.68
WndPSI 56j
NJPS pf42Se II.
NoStP«e.52 63 9
NSPw p*3 60 9.7

NSPw pl«11 68

NSP pl 4 76 8 7
NSPw pf*56 88
NSPw pf&80
NSPw pf 7
NorTef 50
Nmgatg
Norfrp 1.20
NwtP ptZaO
NwSJW
Norton 2
Norwsl ISO
NwSt p(547e H
Nwsi pf5£te Id
Nava -26e 0 13
Nucor .40 7 14

Hums 08)
NYNEX&40 6 2 10

SlS 16
19
6.7 8
33 8

2.7 10
38 73
60:

10 8
7.0 9

99
80 II
878

I 1 17
32 5

II 7
£1

977

09

m

11.

11.

10.

11.

.9 16

77
73
1.2

8

18 11

4 6 11

78
.4 9
177
£4 15
13 7
8.0 0

12

80

308

ia

54

55 10

3

36%

38),

is$

28$

23

1%

%

5

OekJnd
OaluiePt 52
OcnPeSSO
OcoP wt
OcaP pta.50 it.
OcciP pf£T2 £.8

o o

54 11
966

OccP pf£30
OctiP pf6.2S

59% <0$ — _ w

110 ?, 103$ Oco pli4 62 l*.

121 1061; -

£7$ 14$

3*, *%

18$ 13$

271,

*%

£5%

Sff;

12

7 1 22
65

11. a
11.

11
11.

37?, 29?,
29), 24$
33 27$

IT?, 14$

591;

981; 83
101$ 6*
16$ 10$
76$ 60$
79$ 501,
80 . 58%
24 10

113 103$

05
79 59

23-$ 21%
9% 7%

W% 29%

* 9

33), 27%

2 ff, 24$
12$ 6%

35i,

»%

!3%

itr.

23%

23

9

1

26%

'3$

4 i-i®S-’ s*

20*, 13

41 30),

62 3SC,
IP; 11

- 1

OcciP pf 14
ODECO 1
Ogden in
OhioEdl ez

OhEa plan

OftEd {44.40
OhEd pf* 44 ...

owed pn 38 b S3

OhEd p*a 20 11.

OhEd pC ate 74
OhEd p<350 i£
0*«d prlga ia
OhEd pfi.SO 10
OhEd pS 64 ig -
OhE pf1048 11.
OhE pfra.76 11.
OhMatr 40 30 44

OhP pl 804 11
OhP gf876Q 94
OhP pfC7 60 10
OflP pfG£37 9S

OhP pH? 14 13
OhP pfES.48 9 7
QM> pfD7.70 18
OktaGE 08 7.0 13

OkUG pL80 89
Obn 1.5029
Omncre £7

OnewJa 80 S3 52
ONEOttSe
0ranRKLl4
Qronge
OnonC 70
OnonCpf Li2 E8
OnonP

Orion pf 50 5 3
Onon pi£ 7b 91
OutbdU64 2 2 21

OwnTr .60
OkShip 50
OwenC 1 40
Owanjfll 80
OdorC- 46

91 11
7.5 ID

£2

IS 19
25 16
3.4 9
29 tZ
£730

N

65 £4% 24%

74 ii43% 42%

554 Iff; Iff,
31 tl£7$ 37$

1634 46$ 45-$
2310 47% 45%

£16* «?, 14%

26 3ff, 33%

2139 11-16 9-18
3110 481, *8%
2945 u30$ 29$
204 37$ 37$
303 9$ 9$

574 u38% 37$
140 24$ 2*

87 3T, 31%
2309 46$ 48?,
137 4?a 4$

2433 28), 25%
296 58% 55%
679* 28% 20%
9 6$ 8»,

636 23% 29
5413 15 14%

W ' 60% -Off,
%S0 35$ 34$
71 13 -12?,

*--ia Vi?

2 04 u 3B% 38$
z23B017$ 47

3 20 20

207 16$ 18$.
2173 55% 54$
79 281, -271;

4 28% 38

40 27$ 27i,

948 u30 29$
2320 34% 34%
Z410 u83 00%

17 28% 27%

W u22% 31%
29' 31% 30),
64 27$ 26?,

121 35$ 34$
29 18% 101,

11 6>, 6$

1045 40$ 47?,

75 13-19 $

4184 21?, 21%
Z200 41% 41$
Z650'47H 45%

ZlOO 50 50

Z200 98 98

Z*00u74% 73
36 15% 15$

228 14 13%

815 23$ £3%

3 26 26

3231 10% 101,

10* 13$ 13$
2*12 u9l$ 89%
408 6?, 6%

172 28 27$

4 52 51%

401 18$ ie$

49 65$ B4$

268 *2?, 47$
24 101, lb?,

>644 u?1$ 20%
7033 10?, 10%
2 38$ 38%

441 u55?g 55%
ZlOO 37 37

z2600j< 6% 4 ff-
zlQO u*8 48
Z 180051?, .51%
ZlOO u953, B5$
»1730u77$_75$
1380 73 ‘271;

87 ff, - 3%
4140 41.', 40
2 24$ -24$

104 u16% 16%
004 37$ 36$
458 11 32% 32%
34 53 52%

38 51$ 51$

301 30>, 29%
446 58% 56
196 5), S$
1972 105% IQff;

o

£005 1$ 1$

27 20$ d£8%

39*9 28 25$

4 10$ 10$

12 23P, 23'-

23 21?, 21$

20 22% 22%
277 54% 53$
29 106$ 108

Z10 ul21% 121%
1470 15 d14

510 29$ 27$
6520 a 10% 19%
2150 35% 34

ZGO 38 38

*200 40 40

4 20 -26

XdGO 11 73 TO
040 U37?, 37$
3? u29$ 29
57 32% 31$

22 IF, 17),
*100 72$ 72%
ZlOO 97 97

z» 96 88 -

1 107 Iff; 131,
ZlOO 78 7*

101 uST, 79
2180075% 75%
*0 u24% 23$

2330 109 1C9

ZtQQ UB7 87
2800077$ 77$
1058 u30 39$
2300 9 »,

520 38$ 381,
297 8% ff,

95 15$ 15

« 27%

BO 28$ 28$
4) 7

>25 33 34%

SB 3 ff, 31%
10*8 iff, 12%
is ao, a$

194 31 . 30%
"0 29?, 29%
*04 uS3$ »

)20 19.% 19%
863 uaiig zn%

8*3 62 61 1

100 17), 163,

2*i,

43 +$

12 $ +%
271, -' 4
46%

45% - 1$
14$ -%
32% ■
11-16* 1-11
49% +1%
20),

&.’*

ti :t

4?, +%
rs$ -%

fl?a

a -4

■p -%

13 +$
IV*

37 -$

17

20

10$ %

a:*

271;

29$ -%
3«% -1%
S3 +2
28% +%
22i, +•$

31

27 -%

34?,

10 $ -%
S%

48

1 ,

21 % -$
411, --%
471- +2%
SO + 1

98

73$ +$
’S, -$
«?, +%
23$ -%

26

f0$ -$
.13$ +%
90% +$
ff, '$

29 +%
51% -1
18$

8*4 -$
4ff, -$
Iff, -$
21. -$

38$ +$
SS% ^

37 -3, .

46% +1

«e + 1%

51?,'-$
953, +1,
77), +1$
£7$ -$

3 '« -
40% -2

24$ +$
16$ +$
37i, ♦%

32), ♦$

53 t%
51$ +$

30 -%

56 -ff;
**

10 J 1 ; - 1 %

-

Si!

"4

£3$

21 $

Zff; *%
53$ -$
106), *3#
121 % » 1 %

14 -1

27 $ - 1 $
18% -$
35% +1
38 +%

40 -%

26

73 *2

37 % ♦$
£9% ♦%
3ff; ♦$
17), $

72% ->$

97 - !%

98 +3$

13% -$
78 * 1

01», M%
751, -3!,
£4

109

ar +ff;
TFl 1%
20% $

9

38$ t$
T> %

15 $

a -1 $
28 $ *$
6?, -$
34$

31% -$
12 $ -$
9$

$

29$

53$ M%
19$ +$
40?, _

61$ -1
16$ -$

Continued owPnfe 39

$

*

39

Financiai^nmes Thursday February2Q 1986 00

NYSE COMPOSITE CLOSING PRICES

13

Si*

law State '

dCga

Pf a* Dan Pm.

W. B IQOaKrt low OnBOan

CcKitioued-firom Plage 38 ...

P Q

41 28*4 PHH 1 2 6 V» 918 36% 38% 38% -%

K”, 34% PPG l* £f »S .1515 b5& S? 57% +%

31? X% PSA i» ai 13 468 89 20, 20, -3*

33% -Iff? PSA 4*168 SO 6 28 31 31-1

1ft V% PaCAS- 1.44 10. 35 u15% 15% 15% + %

»% PscGE 1.M SJ S . 1288*21% 71 8tU f%

38% P«Ua34S 7.1.13 233 48% 48% 4V. -%

W% PttumiX 30 26 169 39% ' 38% 39%

6% Pacfls* • ' to 168 111* — -

PacRs * z as 35 21%

P*cSCi 40' 2B15 122 15%

PacTote 73 SOW 8324 u88% 86%

PacTRi .40" . 18 113 14% 14%

PBCrf«a.4tt • 7i4 9 36 08 32$ "

Pad! pMBT 12 . 66 34 33% 3*5

PttnWb.W u 20 8772 4?% 41 41% -%

FMWpfUS 60 951 33% 32% 327* -%

PtaAra ,i 2272 6% 8% 8% -%

P»nA art 259 3% 3% 3%

PaixJcln.20' 3 21 MS u21% 21% 21%

PantiEQJA- 66 12 263S43S 34% 34% -%

P»Wpb 18 616 29% 26% 2S% -%

PantRr. 2232 11% 11% 11%

Pandya . 6290 7% 6% . 7

PortET '.mu JS 18 141 1118% 1B<4

PvfcDrlflB .22 579 3% 3%

P»W M£ 27 14 681 o42% 41%

Patftr S - 10 114 3%

PayWP M 4.7 17 630
PayCsh-W .8 22 i938 1
61 T
2D 4QS

4.0 11 2&41'u6

31%

5W#

*1%

s

2 *

IS
33%

37%

42%

3ft

3 1 } *

4 8

21% 13%
41% as*
29% 16%

15%

87%

31

25V

25%

10% 11% +7,

«% 2lS

16% 15%

. 14% +%

a%-9 -j

11%

IT’S

18%

7%

41%

5

15>j

2ft

1

58%

61%

33

42

£2

81

2?"

80

29%

76%

«

46

28

81

K

28%

3%

VZ

13%.

%

45

45%

23%

34

33%

841*

25%

60

65

34

IS-

37%

ax

PeratieiH.80.

1ft 4%

5* "1*
a*’ 4

a-u

90% .14%. PBopErl.32

26%

IS»

36%

9%

1ft

28%

28%

2%

ft

S6>*

27i«

17%
47 ■
«%
0J
11 %

22%

15

2i*

37%

16%

7-

55 .. -

PaPL * 258 7.8 12 2457 33 .' 32£ !?»!-%
PaPL *4^0 11. 260 #» 40% 40** -1%

zSOO 043 41% 42% 4%

z22Q u81% tt II 4 1

8 28% 28% 28%

2ffl u29 28% 29 4%

2410 u82 80% 82 4 2.

12 29% 28 29 -%

220 70; 76% 76%
ZlOOuBZ 82 82 + T

48 151 45% 44% 45% -%

5.7 .21 U2B% 2B 28% 4%

3928 302857% 56 56% -%

668- 399 20 19% 19% +%

.7 23 293 029% 28% 29 4 i a

' 2.5 12 3538 71% 70% 71 -%

17 20 218096% 3ft . 35% -%

16 6 , 667 6% 6% 6% - %

14 16 685 16% 13% TT» -%

1420 38 27 27 -%

m 38 24% 24 24% 4%

96 16 16% 18% 16%

26 31 2% ~ ~

32 15 3842 52%

41 1000 25%

.&fi 45 56%

11 25 5430 50
It 8

PaPL *450 11.
PaPL pn.60 n.
PaPl $*342 12
PaPl $*290 10

PaPl pta«o iq

PaPL $*3.25 11.
PaPL pr 8 10

PaPL pr&TO It.
P81IMI 220 - 4$
Pam* (ST-00 67
PMnzdtX '

PepByslM
PepsiCo- 78
Parte .60-
PmaaoKMe
PvryOu 32.
Percies
PwRs 651a
Peffte pll.57
Ptrlnv .SSe
Pfizer 164
PMPO

60% 43% PMJp pr 5

47%

B%

19%

&

«%

72
17%

25%

f
?1%

3

32%

M%

51%

102

W%

21
10
1ft

S*

10

58%

161*

21%

23%

2ft

St

S

39%

51
46
29%

25%

21%

47%

71%

171*

ift

£*

8%

24%

23

10%

27
9
*1
53

71
63
63
70
66
IV*

23%

25%

31
27%

28%

261*

271*

31%

38
15%

43

Mi,

4S%

55
56%
107% 1
82% 70
23%

72

-%

24% 24% -%

_ - 48% 4ft 1%

4077 «20% 20 -29%

*60 33% 33% 3314 -%

2T4Q 37 37 .37 4-1

Z28038 37% 88 +%

167 u78% 74 78% +1%

138 UT2% 12% 12% + %

163 11% 11% 11%

zl»u67% 67 67% +1%

485 u1l% 11% 11% + %

11110127 124% 1241; -1%

21080113 112 112 -2

*300 118I 90 81 +1

£3350*68 67 68 +1

2100 U6B 66 66 4-%

62113 24 2V% 2T% 21% +%

'4.0 10 4380 1021* 99% 100 2%

20 16 446 u29% 29 26% +%

\A S 71% 711* 71% + 1,

10.7 8750 8%

PMPt pM60a 80 ' 10 2D%

PMVH AO 12 14 160 32%

.8 10 1758 40%

ftS 15 27 35%

4 18 208 21

780 11%

£7 15 1027 63%

5-9 17 2020 21

.5 21

50% 34% PhtorS .54
20% 13% PhUaSua
34 27 PftDE pO80 -11

37 28 PtflE pH. 30 12.

38 31% PtiriE pf4 40 12.

75 60 PH BE pJftTS 11

12i* 9>* PWE ptl.4T tt

11% 9 PhUE pi 1.33 12

66% 54 PhUE (07.85. 12

11% 6% PtiilE pi 1-28 11.

120ij 1141* Pft« -pf T7.13 14.
1161* 104 PhUE (4 15.2S 14.
80% 63 • PhUE (09JO 12
67 53% PME (07.60

65% 54 PhlE (07.75
231* 17% PIASUH.32

1Q2i* 72 . PhUMr 4

^ ® STpi®!

PhUPt« 1

11.

12

9..S -%

. 31% 32%

. PtodA s 42 .8 10 1758 40% 40 40 -%

29% -PW40 232 OS 15 27 35% 35% 35% -%

12% Piarl Mr 4 18 208 21 OT* 21

B PHoRan ' 780 11% 11 11% +%

43% Pilstxy 172 27 15 1027 63% 63% 63% -%

16% PionewLM 54 17 2020 21% 21 21 +%

13<> ■■ PtomELIDa .5 21 Iff* 18% 19% - %

36% PitnyB 132 28 13 698 u51% 51% fill* -%

‘ Pima 10212 21 2 uKB ion*ioi%-%

Pttbtn - .13001462 13% 12% 13 -%

PlanPin.07 .4 06 17 1^ 16%

Ptonfls -20 14 16 111 17% 17% 171* +%

Rtpum-Mb A » '338 ul7i« 18% 17% +%

Playboy 55 9%8% 8%

Pies toy Me 2221 SO «&% 29 2S% +%

PoBoPd.eO r.l «a-B7a “ “

Pound 1 1882 2313 057

Pemba AO 2.9140 187 14%

PopTal.BOb 4.0 IS 218 20% 18% 18g 4%

Perm 60 20 32 43 40% 20 20 -%

PoriGElOO 7.5 8 60S 29k 25%.25%-%
PortS (0260 W. 6 26% 26% 26% -%

PortJ 0440 13. 66 3*7, 34% 34% ♦%

PortJ J0432 ta 35 34% 33% 34

P0«ich 1.56 AIM 267 38% 37*, 38% 4%
P0WB236 &0 11 689 n»2 39 39% +%

Plata .0460 OB ■ a2WW..:r :-4fl%-61 r ■+*
WB -0404 -M- r*2D045 '-.45. 45 •
ProreU.40 '-U 23 140 08O 28% 30 +%
'4.4 8 3021 u25% 24% 25 +%

• 22 6023 26% » 26% +%

,2 30 6B8 47lj 46 48 “1%

4.0 16 2629 67% 65% 69, -®%

1.8 22 315 15% 15% 16% -%

8511 25 38** 38% 33% +%

84 «, 1% 1%

74%

10

15

It.

7

«%

§

10%

16%

14%

W%

20%

31%

31
31%
«%
40..
35

R

3

r

1%

7

T8%

ff

21%

6%

a

5*

50
90
56

51

S'

t«t

12

10

S

f 8

32

33
33
S91;

+3*

KRoirt
Huh low
17% 12

71^ 15%
25
2B%

31%

39*

33

20%

«%

Pf Sb

Stxk Ob. W. E IDS* High
ROyMs
RMwmb.48

RussSr
RUSTog .78
RuueO 20
RvanH 120

Ch'0

Den Pm.
law (ksbObn

w%

«%

21 ....

22 Ryaer 3 .60

20 Ryiand 66

13% Rymcr
W* Rymflr0ll7

20 159 17 16% 16% -%

1J 23 258 37 36 38% -%

18 166 77% 28% 26% - %

3 1 13 47 34% 24% 24%

1.2 17 494 261, 25 25 - 1'.

28 10 S&S u3l% », 31% * 1%

75

11%

35

19

16%

21%

M

3%

31%

437,

at.

a

6%

1%

W«

SCW

SL lads
SPSToc 86
Sabtoe .04
&o>nftyL2Be
SigdBa JO
SlQdSc
ST0S M
- SatW s 32
28% Satewyl.70
20% '

«

1 6 14 530 38% 3Tj 37% -%

20 13 487 u33% 32% 32% -%

5 17 1S» 2 15% 15%

U 210 12% 12 12

S S S

2 27 16 13 73% 73% 73%

12 6« II 10% n +%

£8 13 167 333* 31% 31%. -21,

.3 34 *294 12% d12% 12%

19 140 17% 11% 12% + %

1.4 19 414 u21% 21% 21% - 1*

22%

8%

22%

18%

Sf

R

r*

4%

S3 1 *

54
41%

Wk

If?-

m*

T3>*

31%

66%

42%

57»*

43%

13

i

11-32 3-32
5% 2%

SO*

347,

12%

29*

11%

Si

17%
54%
18
60%
62% 63
81% 99%
70%. 56%
1013* 78

in*

is%

9i*

W|

3P,

10

63

25%

8%

34%

40%

W

145

43

£

1B%

55

?-

120

13%

»*

up*

217,

«%

H%

11

iS» a

i%

43%

19*

MB,

60%

35

?

30%

173*

27%

Prank a (.TO
PrtnwC
PrtnM&M
ProdQ260
PWRws .28
Pteler 140
PraRCn
PnjRI nJ6a
PSwCol 2
PSC0 02.10
PSInd'

P8ta 0A

psm pm
pan pic
PSte plQ
PSIn -0E
pain (0P
PSn (0Q
PSIn p6 ..

PSta 0H
PSvNH .

PSNH 0
PMH ,0B
PNH- 0C--
PNH 00
PNH 0E
PW 0F

PNH pfG
PSvNM202 '
PSVEG2Q4
PSEO 0140
PSEG 04. OB
P66G 04.18
PSEG 04.30
PSEG 0505
PSEG 0&2S
PSEG (011.62 TO
PSEG pte-18" B.7"
PSEG pfiL17 -21
PSEG 0880- »8
PSEG 0243. 9.8
PSEG 07.70 *4
PSEG 07.80 14
PSEG 0L52
PSEG 074Q
PSEG 09.62
PuMt*

PuatUo- .18
PR Cam
PuottPI 78
PuIPe n.W«
PutteHnti
PUR0U6«

Py»o

OnakOlUO. -
Ou0SC8Qa

6 — Ouane*

27 Ouestai.72

3.5 60 n, 7% 7%

ftl 12 1488 22% 21% 21% -%
02 12 .23

.. TO 2892 10%
rt04(B6
£22508
£14606

. . £143050%

Z 112067
2335060
£100050

*50 u70% 70 TO% +2%

114 64% 62%
' « 527 8% 8%

£200022%

60 3W*

20 29>,

3 29*

30 28

17 29*

30 25%

84 10 647 31%

79 9

80

82

83

84
92
82

BA

64

83

0%

ft

16%

;B .11
8

80 B

-5

19%

5%

¥
or .
33%
9*

.3 ••

14%

s.

9*

16%

&

9%

a*

37* "

r

i«*

,flb

7

>%

ZB»

5%

1%

7%

41

-a

IB

23%

-10%

Iff*

12%

. *r s
22 % 22 % -%
»«% 24% +%
29% 28% -%
26% 28% -%
27% £7% +%
29* 29* -i,
2»« 29*

31 31% +%

1685 u36% 35% 36% +%

89 41177, 17% T7% +21*

z880 u44% 44% 44% +1%
2100 u45 45 45 +%

250 45% 45% 49%

2800 84% 54% 54% +%

2200.057% SSh 57% +1
8 uliadUB* IlSz + IZ’a
£210 u84% 84% 841, +2
as 23% 23% 23% +%

2 WO 71 T1 71 +%

43 25% 26% 29*

z200 uB2 82 82 +1%

z 45001*83' S3 83 +%

4250080 60 80 +%

2*0 71% 78% 78% -%
137 u 103% 96 109, + 1%

33 3 2% 27* — % .

TO 17% 1^ .17%

80- 10% tOt* w% +%
682 <118% 18% »|

.7 20 3143 1&< 17% 17%

24 » 19% 18%

- 7 783 6. 5% 5%

24 15 756 SB7, 58% 58% -%
33 13 1098 2** 24 2ft -%

- 7 483 7% ft ft

62 8 ®» 28% 2T« 277, -

QUM .29a .7 23 168 30% .38% 38l 2 .+ %

"R R R

RBind .041 .6 110 7 89* 7 . +%

RCA 104 1.7 24 7193 817, 61% 61%

RCA 0 290 SO. ,300 43% <2 43% +1%

RCA 0 '4 £8; . 3 141

RCA 0 an 06 24 43

RLC JO 28 29 29B- 10%

RPC 98-3%

ATE '.80-4512. 173 23%

Ra*oa * W 164 16%

RatePufl.U. 21 12 785 .55

16 2350.8%

4.0 11 ,115 21%

9431 -

■AJU. .

. 5 13% 13% 18% +%

196 SB% 250* 23% “ 7g

£8 12 1037 56% *“ —

1.5 593 2% d
31. 154 8% d
39 l 7 tPp

8.4 10 3 15

W 329 13%

£9.19 348 10*

39 38 13%

B V
23 119 33,

4 4215 19*

1238 6%

3t It T67 S'*

ZB 11 285 59%

58 0 1G60 287 B
21 32 26

141

43

3*

23

141
<3 .

?' :.J

23% +%

Ramad
Ranco' M
RanyiO .
Rayon -44. .
Raymlr
Raynr n -
RaythnlQD
fleadK .04 -
FUBU0213

FMBjq P&23B
RhRet 140ft
RecnEq
Redmn 32
Reeca
RosbI

RdMCJO -
RWJAW ' -
RepA wl
RpGypc 30
ReeNY1«4
RepBk 184
RapBk02i2
RshCta 32

Revco .80

Revere
Rcsdan .70
Rftxnrd ,4#

500 1M %i f 114

IA « -%
“% Mb -ft
6% -%
21% +3*
Z% -%

SJoanfl
Smy 80
SAnttRR.94
SPeEPn
GFeseP 1
SataLeeBO
SnraL pt£36e 4 7
SgfWel 1.48 39 16

savEiPi.ao
Save 0128
Savin
Savin 0
SCANA22A
SchrPId.aO
SCfttmM-20
SciAtt .12
SeoW> 1.24

SccOys SO
SasCnt A2
. . Seed 01.46
M% SeeC pmziO 13

ISl

SiutLn rt

SaaCo

3ft Sftagmi JO
13% Seagui
22% SeaiAk M
2ft SuPw 1
SU* Seen 176
10ft 101% Seers 0885a 83
39* 247, SeePad.34 42 7
20* SvcCp s 32
1ft Shaktee 72
16% Shewin .60
3ft ShsUT£S2e
21 SfieiGlo.90
30% Sttmtn 1
6 ShoMwn
. 12 ShoMbi 60
21% 15% SterPM.«

49* 33% Singer .40
29 Stegr 03.50
12% Skyline .48
ft SmrtWn.32
SmkB 3
Smchr s .60
331, SnapOrf.16
8% Srtyder 2
Sonal 2
SonyCpITa
SooUfi 1-20
SOuroC 330
SreCp 0240
SoJertifiAB
Southmlb
SoeJBklJO
SoetPS21X
SCelE<S.W
SouttiC&04
SolnGee1J6
SNEn 280
SoiE 0282
Softy 0260
SoilnCd.72
. Soudndi.12
40% SouUd 0 4
67* Sotimrh24b
46
20

X

7ft

ir-
is

10% li
3% 3%

29% 297, -%
35% -%

25% 25% - ’*

39% 40 ■* %

51% 51% 4%
30% 30%
ft B -%

2J' 1 ->

37 37% -%

2ft 241, +%

26 193 11
87 3%

1 1 24 149 30%

4.8 a 3332 361,

31% 207* Saga .2 20 15 175 26
25 19 SUdLPI.02 7.1 8 67 u2S% 2ft 25%

1ft ft vfSaCam 734 ol3 1ft 1ft +!

401* 24», SatUeU 3A 6 « 723 40% “ ‘

54 49% SalM 03 17a 62 10 61%

3ft 21% SOieG£24 '73 10 1503 30%

9% ft SJuanB7Te 8.6 9 872 8%

12% 9>* SJoanfl 7 S 11%

— “ 1.6 21 628 37%

7 2 13 49 25

400 u22% 21% 211* -%

£6 14 23H 38% 38% 3ft -7,

31 13 1226 52% 52 52 - %

312 30% 9ft SIP* -%

19 37% 3ft 27% -r%

65 9 106 u24% 2ft «%

11. 2 12 IV , * 12 ■*%

186 S'* 3% 3<« +<*

83 ft ft ft - %

Till 1010 u31% 31>* 31% -%

£8 17 3396 651* 631? 63% - %

4 1 25 8605 2S>, —

A 18 2025 13%

£2 13 2026 05B

24 13 508 15%

1.4 7 80 30%

12 29 10,

27 16%

SeaC pfCZ.10 tt 43 16%

SeeLnd.48 2 3 34 645 211*

41%

31%

43

347,

10*

2ft

40%

441*

as**

ft

10*

3ft

IS

10*

83%

51%

47%

1ft

£2

3ft

44%

257*

30%

a*

9

ft

23%

30%

47%

so*

6ft

11%

51%

31

F

29% 29*4 -%
1ft J3 _ l*
5ft 57% 4.,
Jft 15% +%
30% 30% -%
12 % 12 %
tt 1 * 16%

1ft 16% -i*
21 21
8-32 6-18

& ft

14 141, + %

40 40 — %

27% 27% - %

28%

Ml*

22%

36i,

2 ft
361*
26

3.

18%

38%

34%

28%

4 5-16

284 2% d
14 18 3412 52
12 238 W%

1.1 21 156 40%

36 11 141 277,

42 12 1112003% 4ft 42" -f

51 105 10*% 1047*

1758 32% 31% 31% -1

1.0 22- 313 33 32% 3ft + %

SB IS 230 10, 18% 18% - %

21 10 109 u29% 28% 29 +%

64 9 636 3ft 38% 38%

20 11 7013 u4ft 433* 44 +1%

14 17 384 uSS 53% 547, + ft

12 543 ft 0* 8% -%

33 TO 190 uift 18% 18%

7.9 12 239 21% HP* 2ft - %

4 11 6545 1*47% 40* 4ft +%
29 19 u36 35i; 35';

26 21 44i oi9% TO% ift - %

tt 6650 2% 2 ft «%

37 12 2338 83% 80% 81 -2%

13 87 47% 46 4ft -7,

25 16 557 47% 4ft 46% -7,

12 13 266 11% 10% 10% - %

74 920 2ft 28% 2ft -%

4 13 1174 1ft 1ft 19% -%

84 115 34% 34% 34% +%

74 78 42% 421* 4Z%

06 41 25% 25 291, 1*

as ii '* — “ ~~

28 11
£2 11
3ft 35

41

50 29% 28% 20% +«

155 »%• 36** 381*

381 3ft 37 37 -%

0 0

r

50

46

45%

85

?

55%

31

“S'

2?b

aft

5ft

at

w%

7.5 9 2827 20% 2ft 28% -%

00 7 1414823 22% 22% - %

6.6 10 29 30 29% 29% + %

60 12 511 47% 4ft 467, -%

8.7 W o44% 44 44 -12

ae 5 37 27 27

7.7 20 22% 22*, 2ft -%

24 11 3013 471, 4ft 46% - %

03 30 6ft 64 64 -1;

218 1640 11% 11% 1ft -1,

Souk 0644* tt 413 50% 50*z 50% 4%

SwArrl .13 .6 14 1354 22% 21% 21% -%

101 13 12% 12%

7J a S3 17% —

890 2291 881*

30 7 106 17%

72 11 1264 2ft
29444 83 18%

136 24/,

27 75 4660 53/,

25 80 162 44
4.1 15 2735 45%

22 20 1610 827,

2287 1803 2ft 25 25% +'*

26 13 195 2ft 20% 213, +3
2317 14ft 14 1ft 13% -VI*
60 35 2932 4ft J ~

1.4 11 461 27»,

23 B 522 o37
23 14 117 1ft

28 13 642 38%

£8 11 10 38%

TO 43 u 12
£9 31 2%

21 11 63 16

90 22 2667 411,

28 636 32

59 20 2S7 2B»*

80 2580 1ft

20 11 121 Sft

SwFor
SvrtGasl-28
8*601 0
SwEnr .52
SwtPS 202
Gpertfin.62
SpeaP
451, Sparry T B2
31% BprmatfJS
50*5.64
Squibb 178
SUUy .60
SiSPnl .56
. GUAotr .32
42% -SUOOKL80
M% SlPacC0O
1B% SU6*rd .84
12% StandcxS2
2ft StenWM.04
31% SterreO.08
B% StoUSdJO
ft Steego •£»
1ft StrIBcp JO
27*, SterlOdlJO
16% StovnJ 120
25% StMWntLdB

10% save 0 i

39 StaneWI.BD
24 8loneC .60
34% StepShftlO
1ft SlorEq 192
1% vJStorT
17 Sfr«rt4ll85e
14% StrldRt .80
41, SUnvSh
3ft SunOi Aft
ft SutEI
ift 8qnEnn£8ft
421* SimCo 3

171, 17% +%
8ft Oft -ft

St £• "•

SiS:t

51% 5ft +%
43% 44 +%

45 45 -%

B1 ** 81** -%

SO**

St

4ft 40, I*

273* 277, + 1,

36% 3ft +%

15% 1ft -%

3ft 3ft %

as's 39%
n% li% +»*

Z% 3%

1ft 1ft -%

40% 4ft 1*,

31% 31% -i*

21% 28% +1

12 1ft +%

5ft 53 +2%

1.4 54 xS22u45>* 42% 4ft +’,

£5 M 812 44 43% 43% - 1%

»L 13 223 18% Ift tar,

1048 ft 3% 3%

S.1 11 25* 20% 20* 20% +%

2516 101 23% 22% 22% -%

26 Si, 5% 5% -%

1.414 17 35 3ft 3ft -%

417 u11% 10% 11% +7,

14. 232 20% 20% 20% -%

88 B 801 +ft 43% 44% -1%

SunC 0295 £5 2 92 <M0%90% -ft

SimdaWJO 11 M 643 58% 58 56% -%

SunUn- 906 S», 5% 5% -%

SunM 01.19 14. 477 u ft 8% ft +%

SunTrat-20 21 12 411 36 38 389* -%

Sup Vais 38 1.7 18 1261 23% 2ft 22% %

SupMU.48 .9 15 15* SBi* _ .

Swank .46 22 25 17 15% 15% 1ft
Sybron 108 41 2* 144 26% "

Sybm 0£4O 26 13 42%

SyroCp TO 110 13%

SynMssiaO £8 16 2673 47*,

-Sysco .44 9 20 100 u52

T T T

3te 8 264 42

238 83 10 443 u37% 3ft 37*. -%
14 47 7% 71, 7%

1.32 84 10 *64 21% 20% 20% - %

1 24 52 206 30% 29% 29% - %

3 22 630 9ft 9ft 94** -ft

22 3 u206 204% 204% + 1ft

117 1% 1 1

19 20 112 u 92 90% 90% 1%

1.0 14 1236 20% 1ft 20% + 1

4.5 144 22i, - —

2616 104 95%

TO 6156 41%

1 6 19 1023 6ft

10 12 3

56% 5ft -%

- 1ft +%

4ft +%
1ft 12% -%
46*4 46% 1%

51 51 -%

40% 40% -2%

+ %

TEW
TECO
7<3F
ftP
- ftE

101 60 TRW

198% 1521* TRW 04.40
5% 11-16 vfTecW

91% 57% Tens'd! 16

21% 15 Talley 90s

23% 171, TaHey 0 1

98% 66 Tarabn840

S , 28% Tandy

, Aft Tektrmt 1

5% 2% Taioom ip 12 s *>t v 9 - .

3S*% 2 & Tektyn T 179 3331* 327*4 3*% - 1

24 1ft Telrde .40 23 23 462 17% 17% 17% -*«

65%, 36% Telex 14 553 <166% 6ft 65% + %

51%. 3ft Tampin.72 1 A 14 750 50% 50% 50% -%

45% 36% Tenneea04 82 50 2178 377,

28% 17% . Terdyn 30 B3S 27*,

IS • T% - Teeoro *0 48 172 ft

57*; ift Tesor 0216 TO 78 _p«

40>* 25 Texaco 3 TO 6 14513297,

37 22% TxABc 1 52 84 TO 29 23%

4ft 21% TexCml 56 7.0 14 729 22J*

41% 30% T«xEst220 64 48 711 347,

58*, 5ft ft=T 05.61a TO 22 54

~ 25% Texkid.aOb 3 011

~ ~ 18

12 1
Wgb law

16% ft
43** »
25% 1ft
34*8 29%
3ft 3ft
6f SO’,
29** 27*4
21 24

22% 4%
22** 16
31% 2ft
-ift 26

«*■'* 38

6% ft
7% ft
17*, 12%

35% 1ft

4ft 35%

-24% 115,

20** 16
5ft 33%
17% 1ft

6ft 39%
18% 11%
X 2ft
25% 20
26% 22*,
11% P,
1ft 10%
44 30%

573* 30%

20** IT,

151% BS%
48% 33’*
67% 36
11 5

25% 15%
34 2ft
41 29%

66 4P*

347* 29
79% 59
2ft 22
217* 1ft
27% 23

75% 55
74*, 59
24 15%

Ok’oB

Pf & Omvftiv.

Stock Dm. AL £ lOOsHigb low QuaCbu
I «4 1ft 1ft 15% ♦ %
12 7 *576 41% in'. 41% »1

55* 23% 23% 23% -1%
37 u35% 35 35% +1%

2544 54* 2 53% . 533* - %

an 91 60 50% -7*

345 »% Eft 3 • -1,
36 u31% 30% 31

2M5 20% 19% 19% - %

226 20 1ft 19% -%
40 28% 28% 28% - %

71 44% *3% 44% *1%

858 607* 68% ■ 58% - 1%
14 ft 3% ft -%
103 6% ft 6
287 1ft ift 1ft +%
416 1ft 18% 18% -%
220 4ft 47% 475* -%
111 24% 237, 24 t%
10 17** IT** 17%-

72 69% 58*, 56% -%
208 14% VW* 14%

u

6063 59** 567* 57% f%

299 18 17% 18 - *,

100* 25'* 25 25% +1

494 2*7* 2ft 2*% -%
2350 u27 26 27 +1

617 TO* ft 9% -%

5S1 12*, 12 12

3578 42% 41 41%

Irmun
Tmwid TO
7 arid wtA
TnkJ pi 2
TravleiZie
7«v 04 15
TnCon 3 8fie
TnCn 0250
Tuain % .10
Tillnd 0 12
Tiilnd {X£22
TiijPc 1
Tribune 1
Tflcnlr 52B
In co 20
Tnnty 50
TrUE"g. 10b
TuesEP 3
Tuhex 48
TwInDl 90
TycoLP 80

58

40 13

69

13
81
5 6
.6

78

23 12
1 7 19

14 5
33 II
31

.5 13
63 11
20 18
5 2 30
1 4 IB
26 18
u u

1 17

18

4 15 7
£04 8.3 M
275 TO

12

TO 33 14
USFG 220 53

USG 6 1.92 34 8

Tyle

UAL
UCCEL
UDC n
UGI

UGI 0
UNCRes
UBS

40

Umfrai 20
UniNV 4 30e
UCempl.G*
LfnCjrtX 50
UnionC
UnEJeci 84
UnEI 0350
UnEI
UnEI
UnEI

uei

UnEI
UnEI
UnE)

UnQ
UEI
UnExp n 1.03e

1.0 16 46
3 I 12 219

34 25

52

759

11

TO

96

12

0 4

08*0
0M 4
pn. 8 99
0298 11.
0213 TO
02 72 IQ
0744 £2
0H 8 10
'* 85

! 55%

45%

UnPac 1.80

3 7 12

3714 49%

110; 103

UnPc pf7 25

6.6

75

110

84%

50

Unryl pi 8

98

C550 KTj

5

i 27%

Wj

12*,

UnitDr

UnBrndOSe

.2 12

33

18

1%

24%

J0;

24

UCbTVs 10

.3 59

55

30;

32%

15

Ullium 232

755

207

31%

|30%

25V

Ulltu pf 197

13

39

30%

20*4

14%

Ullki p<2X

11.

21270X1,

32%

28%

Ulltu pi 4

13.

12

311.

1ft

»ft

until pi 1 90

IZ

a

16%

24*4

T7l,

Knitted 50b

25 10

63

24%

TO

38

Urnllnn 22

.5 23

10

44

38

X

UJeiB si 16

3.1 11

676

37

*15595578 54% 557, + 1%
46 19% 19% 19% -%

219 1TO 1373j 13W* - 3
1713 U*B 47% 48 +1,

921 87% 86% 8ft -%
309 10% 10% 1ft -%

1452 25% 24% 2ft -%
210 33% 32% 33% +%

2460 TO TO TO

2 1000*661 j 66*, 66*, - %

S3 32% 32*4 32% +%
2590 uEt 80% BT +H»
63 2ft 28 28%

21 21% 21% 2ft

5 2ft 2ft 2ft
z5070uB1% 81% 81% -rft
78 77 +3

d15%15% -%
4ft 487, -1%
109% 109*|-%
82 82 +%
1% 17, +

24 Pi - %
3ft 387* -If
3ft 31 -%

X X
10* 2D** +7,
•3ft 3ft -%
16 16 -1*
23% 24
44 44

2210 u77
467 16

20% 11% UldMU
37* 2 UPfcMn

39% 271* UsajrC .12

8%

421, 31*,
*6 27%

33 2ft
22% 23%
56% 51
33 2St,
<04*, 101%

x% a*,

95 7ft
11% 6
5ft 3B%
421, 3 2%
28 % 20 %
33% 25
24% TO
32% 17%
25’, TO**
3ft 24%
2«% 19%

S3 2(Fa
T437* 73
43 32%

11 % 0 *
281, 21
29% 23%
X 24%

28*,

27 '
23>*
X

IB

17

10*

1ft

3ft

USHom
USlcas X
USShoe 92
USS leal 20
USSlI Wl
USSO 0556e
USSlI 0 £25
USSlI 01075 TO
USSlI M
USTob 196
USWesOOB
UnSKk
UnTecMTO
UTeh p/2-55
UniTel 1.92
UnlT 20150 44
UWR 1 28 5.5 14
Unitrfle JO

Untvar 80

UnivFdl 12
UnLeaM.08
Unocal IJOb
U0olm2JO
USLfFEI 12
UxIfeFdi 08a
UlaPL 232
UtPL 0280
UtPL 0290
UtPL 02X
UtPL 0204
UUI1C0 1.40b
UldCo 0244
UlilCo 04.13

271 Ift
1 18 27*

3 8 1738 371*

2207 8

21 11 248 38%

£0 15 G04 u 48% 45i* 46%

54 13 8616 22% 22% 22% -%

198 22% 22*, 22% -%

11 5S 527, 5ft 52% -%

87

38** 37 +%

17% 18% -%
23. 2%

3ft 36% -%
S>. 5%

37% 373, -%

i55 3ft 2S% 26 -%

152 102% 102*, 102%+%

395 % % %

61 10 577 32*, 31% 321* 4%

6.5 10 £093 1*96% 94 94

15 25 103, 10% 10% -%

£7 25 2967 53% 52% 52% -7,

61 239 4?, 41% 41% -%

69155 7886 28% 27% 27%

12 u34l, 34 . 34% +%

11 23*, 23 . 23*, +*,

8 27 294 2ft
33 13 88 2ft
3 7 12 .49 X
4.5 B 422 24%
5 4 9 1961 22%

2S7*. .26% +%
2* 2,% 1 %

28% J9% .-%
24*, 24% -%
22 22 %

1.9 22 886 Ul*5%143% M5% + ft
£8 11 SIB 40% 30, 39% -%
94 72 11% 11% 11% +%
81 12 558 u28>* 26% 2ft +%

6ft 30%
1ft 8%
2ft 19%
3% 2%

30* 20%
ft 2%
15% 7
41% 22%
17 0%

2ft 13
12 -.3%..
12S. -9»,
1ft M%
66% 38*,
52 41

88*, 71

96
9.3
89
89
56 8
10
12

V

29% 29% -%
2ft 2ft -%
26% 26%

23 23 +%

25 25

23% 231
343* 351

81% 61
79 57

VF GorpUei 1« 888 u82% 60% 62
Valero - 96 884 8% ft “

Valor 0344 15 75 24

Valeyin 56 57 2%

VanOrn 1 34 9 7g 2ft

Varco 259 3

Van* pi 6 13%

Vartan £6 0 42 692 29%

Varo .40 2 5 44 370 16- :

Veeco -TO £1 25 X283 IV,

. 15 99 “

06

14
9 24
96
92
9.6
87
94

13%

35%

22 22
941, 95
40 40*4 1

63*, 63% -%
21 , 2% -%

^ -v 3

| S -Si

12% 1ft -%

;?* S'

13 13%

11*16 Si +3-16
3ft .35% + 1%
15 151, +%
ft ft

& -5,

27% 28 -■

■25 26 t

11 224 29% 271, £77, -

£8 44 x3t95Z0* 2ft eft

7

28 11
£5 11
42*

2ft ReynmiTO

48 -Aeyte 04-VSJB 24

113% 107% Reyte 011BO .TO

135% 133% Reytn 01288 15

4ft 30% ReyMtf .1 £3

32i* 2* ReyU 0SJO

33% 21% RltcAUJ .88

7% 2 Rvrftek

t\ 29% Rotated 20
41% -19% RotasnlJOj-
23% 5% MFtaWn*

25 19% BochG S2Q

42*, 33% - RoctlTI? 56

20% 17% RckCiri*17»

— 31% RDCkWlT 12

55% 'Rohn+GX .

23% Boor b

10,J RUnCm+S
ft RofinEsOB

110 t3%
142 251*
1260 18
7002 357*

BO 48

13% 131* -•*

25 25 -%

17% 175* “1*

351* »% -%

«*•**+>

18 U114 TH 114 +%

742 u 136% 135% 06%+%
771 44% 441* 4ft -%

4 82 .32 92 . „

2.1 18 812 27% 37 27 -%

19 ft 2% 3>, +%

82 ^* 39% 39% -%

34 . 20%. 20% .20%

618 13% Wi f .13% -%■

733 25 24/* 247, -%

fi.7 10 251 39% M 38% -1%

80 • 1318 19% 13% W, -%
20 10 3041 38% 37% 37% -%

£3 TO 31# 87 95% 95% -2

TO 3708 30% 29% 28% - *4

16 31 308 27% 26% 267, +%

ft RofinEeOB -3 38 .1688 23% - .&% 22-', +%

ft Ratlins .46 26. 17 TO7 13 12%. 10* -%

11 Roper 64 22 472 1119% 19 19% +1

7.2

20 9
6

88 7

4ft
98**

X

29**.

14

Ift

4? 78% Rem

ift-ft--

86% 51% Roy®

fk

33%

S*

65

63

28*,

25%

46

22

Wl

19%

P

53

a

23%

St

S'

a

&

64

2ft

f

if

41%

2ft

18

X

IS*

IS

63%

75

6B

I

%

88% Textaat 2
Texlnt
TxPac .40
TexUra£62
Texll m
T«xMrt.X
Tour pTZ06
_ Texr 0LTO
7%. Hu*

38% Thack 04.15
14 ThrmEa
33% ThmBeflX
w% Thommeeb
ift ThfflMedO .
18% Thnhy .64
ft Tkhvtr JBO
ft Tigerbi

371, 37% -%

28** 26*4 -%

S'* P*

as * -%

23% 23% +%

22** 22% -%

337, Sft +%

136 - 29% 27* I?* -23 4

963 u 127** 124% 124% - 1%

2694 3% 3 3*, -%

1.5 15 47 2ft 28 26% + %

7.5 B 8208 u33% 33% 33*, + %

4 81 «% 4% «% “1,

32 8 348 57% 5ft 56% -7*

34 6 83 62 62 +*4

28 5 50% 50% 50%

346 15 10% 10% 1ft +%

15 7 277, 277, 277* +%

25 349 u26% 25 20 +’,

21 20 123 44% 4ft 4ft -%

<3%

'ft

ft

ft

2ft

1ft

171*

39

S'

29%

1ft

Tft

T

5

ft

P

1ft

r*

a

n%

12%

44

53

»%

Time
Tmptx
TunaMISO
TjrrWen 1
•Than

Titan 0 1

Tod8*0-32
Towns. 48
ToEdHESZ

21 12 69 f V,
£8 12 63 K%
£SW 255 2Si*
28 499 10%

3937 B%
tea 1688 63%

2T% 21% +%
14 + %

25 25% - %

ft 1ft + %

& -1%

13 372 1S% 15% 15% -%

- _ ~ "ft

£8 17 536 6ft 57% 57%

£4 54 M8 42% 42% 42% -1,

177 11% 11 11% -%

02 S3 10, 12% Ift “%

4-8124 X 29’, 28% X’, -%

2611 242 1ft 18% .18% ~%

11. T 1660 u2ft 23% 23% +%

12 11 30% 30% 3ft +»,

Rater 112 34.18. ««3 . 3ft 32% 3ft

Rowan- -12 - 40 88 619 6% 41 6 6 '-Ift ft

Roy® 2290 54 8 4385 06% 04% 84% -1 =’*

TwEd pars

i£

B

2E 8

30%

30% +

ToCd ptt47

1£

36

3ft

2ft

29 +%

ToCd pM ffl

12

11

34%

3«%

vs.

ToEd pf£36

11.

8

21%

2ft

21% ♦%

ToiEd pl£21

11

W

1ft

1ft

1ft

Tonkas 10

.4 6

877

2ft

_ . 17s

TootRoWBD

.8 IS

14

63

62

62 -V

T rchm s .60

22 13

2602 U273, ffl

271, +1%

ToroCo .40

£0 12

372

&

2ft

2ft

Tosco

to

401

9

3

Towle

96

5

ft

ft +%

Towto pi

X

ft

3'b

3% “%

TorfVJa

28

4*82 30*

3 ft +%

TVacr s 32

1.7 13

331

’ft

1ft

19% -%

Trami n

146

13*,

10,

IP, +%

TWA

792

14’,

137,

14 -%

TWA P»22S

IB

ISO

1ft

12%

’7% ~\*

Transmi 89

4.6 17

1763 38

37%

37% -J,

TrantraZS

B.7

44

USB* 23*j

23% +%

TARtty 1

82121

14

12%

12%

TrnGdait 12

8.6 5

43

13

TPi

13 +%

Tcansc&sen

1£ 50

688

M',

53*,

5ft -1

Trnsc pttB7

59

7

6ft

66

66 ‘2*.

Tin*c pi* 75

87

1?

ft

5ft

5ft -%

1ranEx£38

1*

548

ift

10,

15% '%

Tramcn

22

318

tft

10%

10% +%

TrGP pf£5D

98

4

ffl

ffl

26

101% 70*«

32', 26

47 40
281, 16%
10% 47,
34*, 2ft
30*

25% 18%
4S>* 311,
47% 31
10% 8%
61 TO%

TO 23
4ft 3M,
23% 18%
29>« 21%
271* 18
41% 23
29** 21**
10, ft
1ft 3%

r

TO
23*2
78% *9%

51 TO*,

»’* a%

104 14%

Sft 1ft

p

14*, 101*
9% S’*

3% 1%

261, 16**
0* 1%
SOI;

1391, 107
18*2 ft
1ft 77,
TO*; £6%

48 301,

7% 3%

14*, 6
42*2 24%

a &

52 347*

S’*

47 377,

54 463,

17*8 ft

a •»

59% 40,
36% 25%
4ft 457*
45% 39%
347* 19%

26*, 17*,

15*a #
1ft 77*
33*, 2ft
0, 3
7% 4

387* 321,
20 8 %
5%

4

3ft

9B 75%

Vends
VesiBeiJOa
Vestme
.Viacom .48
ViEP 0 S
VaEP 0284
VaEP pi 6 60
Va0 0 860
VaEP pill 75
VaE 0J7 72 95
VaEP p/7.20 £1
Vishays if

Vornad 27

ViilcnkC.98 £9 17 366 u105>j101

WWW

WICOR242 7.8 8
WabR 04 50 98
£3

M Zft

65 X

58 26%

11 uzi

152 25%

a 23%

a 35%

V

+ 1%

23% »i r%
ft 2i, -%
28*4 29% *1,
2% 3 +%

13% 13% +%
2ft 29% -%
1ft 157, +%
_ 1ft 1ft +*4
9% ... 9 3

« 42% - 1ft

295 14% 13/, . _

“• 53% 54% t%

52 52 -+1

86 96 - 2%

80 90 4 2

97% 99 • -r ft
103 103% + %
81% 81%
24560179% 79 79

51 21% 21% 21% +%

X 75% 74% 74% -%

— iQ2% 4 1%

2441 55%
210 52
*10 96
1 USD
*19401101
2380 10*
260 81%

T -4

%-i

WackM -X

WalndC
WIMrl 8 .14
WVgm&X
WkMRsgl.48
WalCSv X
WatUml.TO
WaNJ 0 1
WalU 01.X
Wkrnco 88
WmOn ffl
WjmrLI 56
WasnG5.EE
WteHMkB.OB
WshWt 248
Waste S
Watkjn X
WayGo£0
WeanU
WebbD .20

84

4.6 17
24
5

7.7

--a

2?

WCmiR nl 56
WeisMs .54
WelfeF £72
WerF 04.26 b 29
WWFMZ80
Wendy s -24
wesaCo .«
WPenPpRM
Wsd»iP£20
WSttiTglW
WnAtrL
WiAir wt
WAIr 0 2

WCNA

WCNA 01.811
WPaci

WMSLs 30
WUmcm
Wnllft 0
WnU pIC
WnU 0S
WoU pC
wun 0
wim MA
wsrge ix

Weswcl-32

Weyerm.X
Weyr 0£X
Weyr 04.50
vjWhPX
vjWPttplB
vtWhPivI

Whirt0 2

WhllC 1 50
VttiilC piA 3
WhifC 0C3
wnueld
wninak.60
Wilfred 12
WUicxG. 10
Willtarm 40
WlknEI
WitetrOlOb
WmD»» 1 74
Wiimbg 30
Winner
WinlerJ
WocEFC.48
WisE 0&9O

35 31%
21100TO
124 »%

328 6
3880 33
1471 20,

334 20;

1.1 X 233 44%

ZB 9
10

£5 3 v65

£7 14 45 32%

1.3 13 3823 3ft
33 2636 48*,

IX 23*4
+60 u29S. 2ft
306 26% 26%
1948 41**

525 28*.

3 tft

4 4%

341 23%

328 9%

27 X

1.5 19 43 37%

36 9 934 77

145 477,

TO 12 147 26%

14 77 <603 18%

1.7 TO 212 29%

2300 48
381 TO
158 10,

4895 8%

319 3
47 26*4

696 1%

5 9%.

12 21 134

1.2 7 110 177,

1279 10
4 X
2 37%

70 6%

189 10;

1 35

37 14%

A X
17 18

7.1 9
3£ 9
9.3 9
24
13 15
1.9 10

.9 12
13
7.8

25 K
£6 M
36 X
61
85 ,

31%. 31% -%
4ft 4ft -%
£7% 2ft -%
ft ft -%
32 3ft -%
28% 2®, +%
X% 20, -1,
44 44% - 1-

1622 1*48% 47*. 48*, + 1%

7100 10 10 10 -%

62 65 rl

32% 32%

373* 37% -7,
47 47*, - 1

28% *h
20, -%
2ft

4ft 40% -%
27% 28% +%
10% 1ft

§*; -%
ft 9% +%
197* 1ft
36% 37 +%

7«% 75*, —2%
473, 477, + %
26% 2ft +%
17% 173* -1%
23

48 -1

<7% +%
10 -*,

5 s

26 -1,
1% -%
ft : *
IB -1

ft -%

37*, t %

6 -%
10, -% .
X . -1
«%

28%

48

*7*0

dW

s

25%

1%

9%

133

s-

3S

37*,

8

10%

X

14%

£3 12
4.2
61
72

13
29 15
10 14
6 7
59 26

24 13

4 7 14

1 3 X

6474 1*45% 47% 40, +

IX 51% 51% 513* - %
3115 35% 34% 3<% -%
107 45% 45% 40, -%
55 53% 53 53

34 0, 8 8 - %

450 X X X ♦% •
A5 0 10? 10; 78% +%
197? u61% SEP, 60%. +% .
763 30, 3S% X

- 49 49 +%

41% 41% •» %
31% aft %
2ft 2ft. -%
ift ift - %
10, IP; ■ %
23% 23% %

0* 8%

4% 41* %

36% 3ft 1%
14% 14% 1*

8 6%

6 ft

3 uTO
S 41%

365 323.

205 ail.

10 12 %

<14 IP*

1202 24%

518 ft
23 ft
102 38%

1538 15’,

109 0,

76 ft
57 10 635 u44% 43% 43%
9 2 IX 97% 97% 97*,

%

•%

%

%

Continued on Page 37

Sates figures are imotflaal. Yearly hngtis and lows reflect the
previous 52 weeks plus On current week, but not tne latest
tradng day. Where a spflt or stock dividend amounting to 2S
par cent or more has been paid, toe year's htatetaa range and
dividend are shown for itn new Sock only. Unless otherwise
no»4 IBM 0 *nd«nds are annual dsoureenwiits based on
the bias decoration.

a-dMdond abo extra{3]. b-emua) rate of iMdand p*ua
stock dividend, o-lfqu Waling dividend. cW-ca*ed.d-new yearly
low. e-cMdend declared or paid In precadsig 12 months, g-
dnndend n Canadian lunds. stf^eTO to 15% non-residence lax.
t-dMdend daebred Bier spkt-up or stock dbidend. j-cMdend
paid this year, omitted, dete rr ed , or no action taken at latest,
dvuend masting, fc-dwidend daebred or paid this year, an ao-
cumubtAw teaue arm dMdands n arrears n-naw issue In She
paid 52 weeks. The high-low range begins with the start of
trading, nd-nexl day defete/y. P/E-pnce-aamtega ratio, f-tfvi-
denddedared or pad vi pr e ce di ng 12 months, plus stock dBn-
dend. s-stock spirt. Dividends begns uMi date 0 spkt sia-
saies. t-dnktend paid in stock In preceding 12 months, esti-
mated cash value on n-dhndend or ax-rkstnbubon date, u-
newyeany nigh, v-tradmg nailed, vi-n bankruptcy or racaner-;
shp or bang reorganised under the Bankruptcy Act. or aecu-
tmes assumed by suen companies. wd-<5stributed. w» whoni
iwraf ww-wnh warrants. a-ex-dMdand or es-nghts. wia-J
ex-ffcsrrfbuiJon xwwmthout warrwns. y-ex-dMdend and sales;
in fak. yfd-yWM z-saiasJn full

AMEX

p/ &

Stack ft EIDtbMrt tow Oesa Cfa«

AcmePr II 3% 3% 37*+ %

Ad on 81 2 1% 2

AdRusI .16 71 57?u32% 31% 323* +2
Aerone 332 0, 4% ft - %

AhIPhs .44 24 IS 30, 30, 30,- *,

AvCel 11 149 ft V, B% + %

ArCalpM-X 107 1 »•*, 7T% tt% - >j

Aiphaln 79 IV* 11% 11% i %

Amdahl .20 27 5160 1ft TO 16% + %

Alsrael 5 133 u 9% 9% 0, ♦ %

AM,eA 52 n 14% 14% Ift- %

AMzeB 52 19 1ft 14 14 - %

AMBId 446 S3* 5U 51; - %

Aped X 43 42% 43 + %

APiec 24b 23 4 15% 15% 1S% - %

AmBoyl£30e 2063 8% C ft 8% + %
AficiE H ee 6% 6% 6% + %

Ampul .06 10 233 2% 2% 2%

AntJal 15 19 ft 8% 0*

AncUcb 4 2% 2 2%+ %

vjAn0ov ' 397 1% 1% 1% + %

ArguPl 191 1<; 1% 1% 4 %

Aimlm 33 +% ft ft + %

Arunte 14 11 X X 20

Asm ffl .X 41 300 ft 6% 6% - %

Aaron: 1594 1% 1% 1% - %

AllsCM 32 9-16 9-16 8-16*1-14

Avondl 80 147 65 22 21% 22 * %

B B

BAT In.TOe 344853-16 51-16 5 V16 - %

Banslrg 2 8% ft ft

BaryfiQ 136 4% 4% 4%

Baruch 371 15 2 8% ft ft- %

S^roSr 320 17 236i*35 34I-. 341;* T,

BJcCps .TO 14 82 20, 27% 27%-%

BipV 40 15 65 151* tft 14%

BinhMI 1 13 7 29% 29% 29% — %

BlouniA .45 X 91 10* 1ft 15%

Bio untS .TO 37 4 15% 1ft 15%

BowVai .X 62 77, ft 7%

Bowmr 14 76 ft ft ft

Bowne 44 18 2X £1% 21% 27% - %

Biscng IX 81 20* » 20*+ %

c c

CDf IS 24u30l, 29% 30; * 1%

CUt Cp 31 1368 0, 8% 0, - %

Cameo 44 T2 774 Ift tft 1ft - %

CUarcg 38 93 1ft 10* 15% - %

CasUA 80b 17 9 1ft 10* 10, - %

CtimpH 48 558 1 15-18 1% 1 15-16
ChmpP .72 16 XU24 23 23 - %

Dumas .x m 854 19 161, 10«- %

CiUDvg 10 0* 0* 0*

CtyGaslX 11 IS 33 32% 32% ♦ %

Clarosl ,93e 10 2 30; 39% 30, ♦ %

CmpCn 84 ft ft ft - %

Crtchm TO 11 15 1ft 19% 10,+ %

ConcdF 238 23 9% 0, 0, - %

ConsOG 442 0, 3% 3%* %

Cn 51016 X 818 u23 2C; 21% * 1%

V|ConlA 6 384 10, 13% 10, + %

ComMd 10 B 2ft 26% 20;

Cross 144 17 4 3 33% 3ft 3ft - %

Cm CP 10 72 10* 10, 1ft- %

CrCPB 8 13 15», rft 15%

CwCPpM.02 10 27 £7 27 + %

CruKR 1003 S16 % %

1 a

:*$

Stock 0>

CrystD
Cubic 39
Curtice .92

DWG OS

Damson

DataPd .16

Oekned

DevtCp

OiQieon

Mrds

Dux! as

DomeP

Ducom .X

EAC .40
ETC
EagICt
EsInCo 1
Estgp 4,17*

EeftoSg .12
Elslnor
Espey 40

Fablrtd 50
Fkiaia
FCapHd
HscftP 69
v| Fla nig
Fluke 1 14t
FtnttlG
Foresfl.
FreqEl

GRI

GalxyO
GmVTg
Gfatfll 1
Qlnmr lb
GoldW
OldFtd
GmdAu TO
GrlLkC .46
Green Hi
Greiner .981
GrriCh ,50b
GlfCdan .52

Ha tee

Hantrds .50
Hasbro .15
HtthCn
Heiruck .10
HerehO
Holly Cn
HmeGn
Hormls .56
HmHar
HouOT BSe
Huskyg X

tss 12
bnpOilgl 60
1 might
InstSy

Pf St

t loot Mrt tow

6367 3-16 %

9 207 20% 1ft

11 54 27% 27%

D D

63 Hi 1%

XI 2% 0;

5275 15% 15’,
566 11-16 9-16
1425 IX tft 14**‘
42 1% 1

19 805 40% 39%
32 6*9 u 6% 6

7B69 1 916 dl ’-16
42 32 34 XJJ*

E E

» 55 ft ft
X 51 10% 10

73 2% 0,

9 3 51*, 51%

7 2 2ft 29%
1734 tft 14

IX ft 2%

8 16 21% 21

F F

9 1 2ft 2ft

80 ft 4%
79* 9% 0g

13 102 10; 16

4 5% 5%

16 BT 20* 20*
IBS 6% 6%

X 134 30* 2ft
re 145 2ft 27%

G G

18 5% S%

13 T74 3, d %

278 15% 1ft

14 TO 4ft 43%
X 19 3ft 27*;

2 ft 4%
450 % 9-15

14 II 10* 19

21 775 «% TO
TO 161 27 26%

12 15 13 tft

13 17 1ft 13%

542 11 10%

H H

52 461 3% 3%

15 61 £7 26%

117402 39% X

87 0, 9

13 173 u21% 51
50 0 3% 0;

S3 11 10 %

1880 5ft 26%
12 54 X*, 25

587 8% 77*

484 3% 0*

2610 0, 0 5%

I I

17 0* 6%

387 30% 30%
61 85 0, 6%

8 480 ft 1%

OuaGbv

3-16

20'* * ’J
?7l 7 - %

1%

?1

15%+ %
9-16- %
141,

aa*;- %

S’ *

»1* *2

ft

10% - %
3%

29) * •,
M + %

3%

21% - %

3*%- ’*
ft * **
0; - %
TO - %
0*- %
28% - %
®*- %
M - %
2f/ e - %

0; — %

Ift * %

2ft - %
ft * %
is"” 9 * %

Sb 1 J

1ft * %
1ft - %

2ft

391;+

9%- %
21% * %
3%- %
1ft- **
26% - »*
25 -
0*- %
ft - %
0, - %

5%

30%- %
6%- % .
»%- M

Stack Ur .

InsEycI 25t
IrrrCtyg 60
tetmk ,12b
buBknt
IroqBrd

Jacobs
Jeiren .7«
Jo hr Pd
Jonnmd
toyCp 30
KcvPh
Kmart
Kirby

hogerC235

LaBarg

Laser

LCISurT

LormTn
Lurne, 08
LyncliC X

MCO Hd

MCO Rs

MSI Dt

MSR

Maciod

EJjrmpl235

UartF*

MaiRsn .17

Main is
Media I 16
Ucn&n
kbdAm .X
IhcfltE 34
MdvicL

MIP31M .10
NM>Ar 79
NPioc 12Se
NYTtmeseO
NewbE »
Ndo

NCaOgs

NudDi

Numac

OEA

Oakwds 08

00h4>p

OzarkH X

PaltCps X

PE Cd 59

PorimC X

PelLw

PicnrSy

PitteaylfiO

PopeEv

Prcste

P / Sit

E 100* flirt tow

IP 2»; 2*3

50 II 10%

80 17% 17

160 3% 3%

34 1D3 3b% 35%

J K

15 TO 7% 714

15 32 9% 9

25 ft 2%

5 4l4ul2% 1< a

6 17 21 5ft

X 847 12*; 13

32 3% 3%

96 ! dl’i

95 127 26% 20*

L L

13 1% 1%

19 IX 13% «

8 b* 67, 6%

1545 £*% 24
33 92 17 10;

3b TO 14 13%

M M

15 93 14’, 14%

70 1% tf 1

IX 11 10%

33 t% 1%
295 15-16

2 22'i 22%

X 43 51% 47%

27 89 14i, 13%

2? 503 2?% 2B>i
17 16 79 78W

8 877 ft 4

11 9 b-, 8%

X 295 11 TO 1 ,

*9 B 7%

N N

535 3% 2ft
33 37 52 21*,

13 168 28 55%

191SS?u57’ 8 55%

8 17 ft ft

23 36 4%

37 7 % ft

9 IB 5 ft

f 16 6% 6

O P G

14 Si 1S% 10,

21 IS 21’, 51*,

10 4% 4%

36 KTO 16% If'
X 244 u3B% 37%
ItS ’* 7-16

8 27', 27%
1263 1516 %

2S 3 3

12 X 70% 7ft

77 3% 0*

15 14 ft ft

Gkw Onge

%

10% - V

I?*,* %
3%- ’4
35% - %

7%* %
ft" %
ft - %

12*4 * %
20%+ %
ift-
3%

e

- %

%

13 - *,
ft
54%

ift * %
13% " %

1% - %
10% - %
1% + %

% +1-16
2ft*

48 -3%

13% - *4
?:% - r>,
re% - *,
ft* %
ft- %
10, - %
7%- %

22.*,- %
?i*« - 1

5ft * %

3%- %

%

5 * ',
6% + 1*

10, - %
21*, * ’*
*% - %
1ft

37-'*- %
7-16
27%

'a - H6|
3 - %
7ft ♦ %

3*4

ft

R R

Ragan .12 *2 25 21 2ft 20% - %

Ransbg .7 2 26 78 2ft 1ft X'*

Sack (E*

Read A
Resri B

RsiAsB

FHlAsA
Rckarys 28
Reoers .12
RSW

Rykofl .60

SJWs 1.S7
Sane

Scflmb 60

SbdCo AO

Sec Cap .16
Sharon
Sblilroft
Sped OP
Spencer
SlHavn .06
StcrtEI
SteitSfl 106
SdulW

HE

Til

TaOPrd X

TandBt

TchAm

7th Sym

Toctilp

1c ISC*

Totesph

TcnAir

TotlPlg 24

IriSM

TuMIcx

USRind

Uttmto

UFoodA 10a

uFocdBxe

UmvRs

UnvPat

VtAmC 40
vtRsh
Vpmit JO
Vonptp
WTC

WangB .16
WangC .11
WrnCwt
WshPsl 1.12
Wthtnl
WouAm
WclGrd
VWMtag
HOtgrtf
Wichita
llfctos
Wrtslrm 40

WwdcE

pf a*

E 100a High taw

194 SO!* 49%
z350 52 51%

15 42b ft ft

12 41 7% 7

X 92 18% 19%
83 X 21% 21’,

6 17 6% ft

16 47 25% 2b%

s s

10 14 30; X

165 ft d 0;
14 44 30 X

a

Son Stag*

491* 1<

fir, + %
ft+ %
7% + %

21% ♦ %
ft - %
»%

30, -
ft-
29% -

7

80;

68%

80;-

11B

1ft

IQ',

10% +

5 P

312

%

9-A

% +

VI*

121

ft

6*4

ft +

t|

46

6%

ft

6% +

’l

105

0,

SI-

61; -

17

ft

S'.

ft *

m 4

14

1%

'%

ft

15 1*,

T T

1032 ft 5%
X 200 8% 8

15 >9 2ft 2ft
TO *3 10, 10%

ffl 2> P'a
13 126 13 a 13'*
If 116 ft 4%
X X ft ft
137 Tt ft
3 790 1ft 10,
199 1ft 15
25 ft 0;

102 i-a 1%

u U

. 10 2N 2%

IB 200 28% 27J,
X 0, 2%

X 2 2

13 203 0; 8%

215 ulB* 1B%

V W

12 29 16% 16-%
16 4',

32 72 1ft 10
28 * 4t, at,

ffl 12 5*; 5'*

7380 X% 19%
9 tft 19%
131 11-16 11-18
IS B2u14i 135
71 0* 2>

16 15-16 1316
34 ft 31,

X 13 188 11'* 11

12%

1%

4%

Zither

33 621 12%

68 1 %
103965 4%

M 73 11% 11*4

169 2% 2

X Y Z

261 7% 7%

15% + %
1*4 ~

Z's

wt”

9% — *4

ft

Ift - »;
15%

ft ♦ *s

ft

28-t;

ft

ft

ift* «,

Ift ♦

«%

10 %
4%

*':♦ %
Ift - %
19% - '•
1M6 - i-tt
139 - 41;

2%- V.
■* * 1-1"
3'*

Id, • 1,

I ft - ’■
%
ft
11%

2%+ %
n.- »,

OVER-THE-COUNTER Nasdaq national market, closing prices

Sack

ADC Tl
AEL
AFG
ASK
AareRt
Acad in .06r
Acefrtn t
ACuRay -34
Adactb
Adage
AdvGr
Aequlrn
AABsh
AgcyRs
AltMd
AlrWisc
AlcxB
AlGn
Algor ek

Sates High tow tod Ckaa
(Hate)

75 243, 241, ‘ aft + %

14 15 141, 14% - 3,

822 30; 30, 30%

1092 1ft 14 14 - %

19 18 17% 17%+ %

36T 0* 2 2

262 Ift 1ft 14%

569 25% 25% 25>*

15013-16 1% 13-16

272

4*,

«%

4’* — %

383

ID

ft

10+%

343

4%

4%

ft

so

233

15%

10,

15%

1

55

20,

20,

26%

.10e

476

8%

ft

a - %

826

1ft

13%

13%+ %

1.80

307

50

4ft

49%

623

152

60

ft

66

ft

■sri

20n

103

22%

22*,

22*,- a.

AflegSv .40 3»2 25 'a 25% 25*,- *,

AHdBrv SA 2338 16% ift 15*, - %
100 ft 6 6

1011 16 1S% 1ft %

18X IS*, 15 15%

1567 12% 11% 12

937 I', 7, 1%- %

.44

I

.50

.12

.05e

Aipuc
Aims
Amcast
AWAirt
AmAdv
ABnkr
AmCarr
AContl

AFdSL 60
AmFrii 1
AFlatcs . .80

Apreat .66
Am tea .TO
AMagni ■
AMSs

ANtHS 1.X

APhyG

AmSec 1 02

AmStta

ASotar

ASurg

Amnrs 1B0

Amrwst

Amgen

AraftkB 1

Ampad .40

An logic

Anaren

Andrew

Apogee 14

ApdoC

AppteC

AfKBms

ApkJCrn

ApkJMt

ApidSV

Archive

A^y __

ArizB .80b
Ariel
AedHsr
Asuosy
Akx- .44

AilAms 34
AlInFd
ABFln
AURess .
AUSeAr
AtwdOe
AldTrT I
Antmlx
Auxton •
Asaoe
AvntGr '
Avnwk
Avatar

AztcM .X

B8D0 2X
BP Com
BancokJ .40
BcpHw i-36
Banciee
BanoH .80
BX7CS 2

BkUAm. 1
Benkvl t

Santas .TO
BaranD
Bamss
BsTnA

BasAm 1.0*1
BsetF 80a
BavBka2 4aa
Bayly ' .12
BnchCl
Benhan
BetzLb 1.9
Big B

EkgSear t

ButdlyS
BroRes
Baogen
Biosrr
BretcR
Bit (fine
Boatfin 1.65
BooEv .30b
BoUTc .16
BobiBc 1
BstnDig
SstnFC 4Se
BraeCp
Brenco .12
BrwTom
Brunos .16
BurkflS
Bmhttj

Burrfis

BMAs
Businid

780 1ft 1ft 15% + %

134 14% 13% 13.
285 11% 11% 11%

386 22*, 21% 21*;+ *,
63. 7 ft ft - %
«aa 35% 35% 39%

1029 34% 3ft . 34 ♦ %

555 11%. 10* 1ft - %
tt " ft 5% ft + %
101 2ft 25% 25% - %

159 33% 33% 331,

1076 4% S'*

IX 3ft X
215 9% 9

334 1% 1 3-1B

1*5 13-18 3,

562 41% 40% 41 ~+ %

1256 20, 22% 22%+ %

336 - W* 1ft 12% - %

56 41% 41

116 21 X

307 1ft ;4% 14%

553 11% 10 11%+ %

268 20, X 20% l,

104 14 13% 10* - %

11B17 10, 17 17 - %

16058 25% 23% 25 +1%

337 30% S', 30%+ %

79 17 18% 17

686 20, 27t, 27% - %

30,+ %

1% +3-16
%

41’.+ %
2ft- S,

3 9

472 9 8%

156 20% X%
348 41% 41%
139 ft 5%

228 ft ft

106 7>, 7

- I

ft- %

5% - %
0,

319

25%

25

25% +

%

56

15

1ft

14%

153

14

10,

14 +

%

1065

1ft

17*,

17%-

%

627

26*,

2SJ,

25%

%

492

133,

1ft

13% +

%

43

1<*,

14

14 -

%

31

ft

ft

ft

561

ft

a

ft -

%

214

ft

9

9

STS

16%

14%

15

%

72

5%

5

5%

1118

10,

10,

19%

X

7S6

21%

I1-1B

21% +
3%

%

B 1

B

182 S3
95 0.

5ft 63 + %
9% .9%

21 12% 1T% 11% + %

8 39% X
8%

X

0,

185 1ft 11% Id, + %

817 63*4 82% X

JO 8% 8>* ft+ *4.

787 24*, 23% 23% - *4

153 23 2ft 22% - %

IX 12** 12 Ift- **

1369 21% 20% 21 + %

11 10 * 10
SO 8%

10,

02+ %

256 41% 41*, 41%

48 70 60, TO + %

9 9 ff* 0*- %

149 TO’, 10% 10*+ %

39 12 11% 1ft- %

6» 37% 30* 30, - %

■ ~ a sr*

* ’S

7% 7% — *,

7%

51 15% 10;

17* 16
291 12
1255 0,

194 15
34 2%

TO 8
42 0,

386 42% 42% 42%

682 22% 22i, 23%

10 3% 3% 5%- %

584 30; 33 33% + %

70 41, 4 4*4 t %

369 35’* 3+t* 343,

87 10, 113, 12 *■ 1,

155 4% ft ft - %

260 % 13-16 13- IB - V1B

769 104 10, 1ft %

560 30*4 25% 304

24 208 « 1ft 15%

1.10

45 17% 17% 1r%

35 2B% 20* 28%

C COR
CP Rftb
CUL

CPI .108

CPT
CSP
CAC1

CbrySC .938
CalMta
CatShig
CaltonP
Calny .16
CanonG
CapCrb
CrdntO .08b
CarcarC .06-
Caremk
Carterl I
Caseyn
Cencore
CnuBc ISO
Cenlcor
CenBcs 1.60
CBanSe .76
CFdBks .84
Cemak
Cetus
CnapEn
CnarmS 30
ChkPm
ChkTcti
CM-m
Cnnmo,

3887 9%

c c

89 6% 8%
580 4% -
278 13%

177 25%

748 6%

427 13%
48031-16

ft 9 + *4

4%

St

04

>3%

3

ft- %
<%

1ft

25 - %
0* %
13% * %

3

*

57 3% 37-16 3 9- IS V16

13815-16 1 t - %

24 15% 14% 15*4+ %

1586 32 30% 3ft - %

72 % 11.I6 %

1TO 23% 23% 23%' %

6 6 - M6
17% 17% - %

995 2S% 24% 243,

143 04 ft 9%

41567-16
£112 TO
417 22% 21% 21%+ %

.TO

»% 1ft + »
.17 in* - 1*

249 37% 37 37 - %

484 27 2ft 26%

31 40% TO TO

66 24 23>« 24 + <«

480 30% 30% 3ft

7 3% 0, 3% + %

3338 24% 23% 241, * 7*

556 ft 2% 2% — %

807 301, X 30’, * %

662 21% 19% 20% +1»«

43 7i, 7 7

215 20, 2ft X. * %
253 7% 7% 7%- l*.

296 >9%
137 17%

Saks Hirt tow ton Own
(Nnte)

Saks Wgb tow lad Qragi
(Hotel

ChryE

CtaCtu

ChiPacs

Chronr

.12 214 12 Tl

4465 9% 9

444 24% 233,
47 12% 12*|

ChrDwt .40 251 23 St

Onto .12 b X 47*, 461.
Cipher 647 17% 17%

Ctpnco I 23 6% 6%

Clrcon 658 8 73,

ClzSGa .X 1766 ' 24% 23%
CUfifl 10* 41 41% 41%

CuUl A I 37 TO 30,
CtzUI B 1.96 19 TO 39%
CityFed 40 3532 U% 10,

CtyNCp ,88b 731 35% 35*,

ClvkJ .88 IX 24% 24

ClNrCtt 109 TO*, 17*,

ClevtR 2 196 1ft in,

a mtms 794 29 27%

CoasiF 897 10, 17%

CobeLs 186 21 X%

CocsSU te 77 53 0;

Cbeur 53 15% 14%

Cogenic 135 0. 23-16
Conan* 242 17% 17%

ColabR 128 5% ft

Cotagen 1070 t4% 14%

Collins 34 4% 4*,

Coir Tib 1055 2l*« 2ft

CoioNt .74 675 18% 17%

Comars 1334 10% 10*

COCIICSI .1? 4B9 24% 23%

Comrft* .16 2474 13% 1ft

Comfflal 266 2 7-16 2%

Cmefto £X 866 40% «*%
CmeeU 1.0* T82 47*, 47*,

CmIShg 56 239 12% 12

CrrrwTl 1 60 10 39% 30,

ComAm 33 % %

Comind .38 119 30% 30,
ComSys .106 146 10, 10
CnroCd* 20S ffl 27%

CmpCrs .32 1006 10* 18%

Compos TO 3 ft

CCTC 1367 ft 8%

CmpAa 1035 30, 355,

CmpDt .08 37 9% 0,

CptEm 108 7r, 7%

CmplH 89 10% 10%

Crnptdn 45 ft ft

CmpLR .12 141 ft ft

CmptM 817 0, 2 +16

CmpPtfc 7771 ft 7

CmTsk* 415 X 24%

Cmputn 111 4% 4*,

Cjactt 66 1% 1%

Comshr 114 Ift 1ft

ConcpO

ft

4» 9%

CrrCjp 240 585 IP* 18%

CCapR 168 81 11% 11

CCapS 216 661 14%

Con Flu- 61 0*

CnsPop 1.48 £37 53

ConsPa .08 10 3%

Consul 44 2%

CnUBe 204b
CdHIBi
CtLaar
Convgi
Convre#
CoprBto
CoprLsr
CoorsB
Copytel
Cor com
Conks

{■«
5 2

3*.

89 60, 51%
X 10 9%

230 10, 10*

7382 10* 113,
154 15% 15%

859 1% 1%

12*4 ft 57-18
30 947 24% 24

824 173, 1ft
73 7% 71,

1207 ft 0,

CornS ts 1.24 473 35*

Corvua

Cosmo

CrtBrf

Crorrue

CrosTr

CwnBk

Crumps

CuUnFr

2867213-16 ft
137 4** 4

.14 93 15% 14%

288 22*. 22
SO 425 36 27%

66 17 18%

35 335 24% 24%

.94 445 21% 21

Culums SO 893 Tft ift

Create

DBA

DO!

DEP

DSC

DateySy

OmnBtO

DanGp .13

Da was 34

DuiO

DtSwtch

Datscp

Otaath

Da turn

Dawson

OabSn* 30

Dec«0

Dekalb .72

Deltaus

DertMd

DiagPr

Dtesonc

Dtceon

Dtcmed

DigDCe

Dtonex

OrGrU 30
DomB 1.32
DrctiH £0a
DoylDB M
Dremz .20
Drertr
DreyG r
DunkDs 34
Duriron .66
DtfTOs .15
Dynscn
DynjchC

113 203, 2ft

11%+ %
0a

21% - %
J2%+ >

23

471, + %
17%+ %

e%-.%

ft- %

24

41*,- *,

40

TO

1ft -1%

24iT
17% - %
18% - %
28% + %

19 +1%
20. %
KS% %
15% + %
0.

1?%- %
S».- %

14% + %
4% - 1-16
2ft- %
17% - %
1ft + %

*

KP*

ft- %

TO*,

4ft

1ft + %
38% +1
7 a

30;+ %
10,+ >,
271.- %

V "

8% + %

B%- %
7%+ %
10, + %
S%- %

2 ^: Z

ST'

4*,- %
i 1 ;

’ft

0, + %

S’ ’ B

S0,+ %

S'

0,- %
52 + %
10 + %
18% - %,
11/,+ %
15% - *» ,

1% - M6j
59-16 ^

M%+%
104 - 1%
ft

ft

35’, + .

0, -5-16^
4’* ^

14%

2ft

16% %
2«% %
2'%+ %
52* + '4

204+ %

D

93 15%
18 3

64 IS
44 X 0;
5430 18*4
1458 6%

15 127
200 22 %
3*8 12*4
332 5%

122 2ft
15 3

^ §!
134 26
1168 Id*
290 2<%

48 J®

117 8%
4(S 16%

1486 3%

35 2ft
120 4

389 28%
lit 43%
122 23%
175 30;

8 13%
425 19'*
61 10,
96 16
208 23*,
5*9 25
185 13%
<86 I***

118 V,
1061 35*,

D

15

ft

14%

7%

17

ft

128%

21%

11%

5

X

3

S 4

s

23%

7-16

ft

IE

25*4

3%

28%

431,

2ft

3ft

13%

St

15%

223.

ft

35%

ECHO)

0P

EapfTI

EconLb

EIC me

Ei Pas

Elan

ElbrtQ

Eldons

ElecBto

□Cate

EleRua

Dcflrti

EietUte

ElronEI

Emu lex

EiXSa

Endvco

EndoU

EngCov

EnFad

Engpha

EnaoBi

Eoual

EqKM

Encii

Ertytnd

EvnSrfl

Exovir

T7I

.12 X
426

1.04 1283
504
1.52 1009
278
248

.16 10
334
£115
1959
415
150
2 58
2 M3
700
IX
483
310
1282
30 180

5*8
564
.X 412
£5e 849

2
567
364

E E
10 0*

S B
19-16
*0. 4ft
ft 73,

1ft

12%

16
13

71, 7*.

17% 171.
ft ft
24% 20%
14% 13%

18%

3%

ft

12

5%

7*4

ft

X

IP;

3%

7

11%

4%

a

23

1ft 10,
16% 15%

13% 12%

ft ft
ft ft
337* 33%
S% 9%
2ft 21%
22 21 %

15

3 + %
1+%- %
ft - 3.
171. - 1
6%

126%
22+1*
11% - %
5% - %
30;

isr "

2ft ♦ %
11*4 - %
®4 h .
9-16 - 1-lrf
8 %
*6% • %
37-16 1-16

25% %

3fi %
20;

TO% I %
23% « %
38% l %
13% 1 %

IS • ■;

13 * %

-!•?* *
223, 3,

25 %

13 %

14

, 67 '

35’,- %

ft* %
0?+ %
1% - %
451.

n a + %

1ft %
1ft- *
ft* %
1ft - %
ft- %
S4 +3
!4% *1
TO% + 1
3%
ft

1ft- %
0a + %
ft' ’«
5%- %
a% - 1%
W»- 'a
16 • %
1ft- I

ft- H
ft- %
33*,

8%

FDP

FMi

FamRest

FarmF

FrmO 2
FedGps
Ferenu
Fib runs
Fdicrs 13?
FltinTs 1 80
FtggieB 68
FlUrlk .60

Finako £0
Fmgmx
Fimgan
FAIaBk 1.28
FiAFm 80
FtATns -94
FtColF

FComrC IX
FTCom ,89a
FZxec
FFCals
FFRftSs .*0
FlFnCp .40
RFtilte
RFIBk 44
FJerN IX
FtedBs 88
FNCins 140
FHBGa 108
FiSRa .80s
FSeoC 1.1D
FTenns
FstUnC 124
Fluey
Fiewa
FtaFdl
FlaNFi
FlowSs
Flurocb

FoAjrti

FLionA .11
FLionB .09
For Am
FeresiO
FoimF
Forms

Forum .06b
Foster 10
Frerrmt .48
Fudrck
FulirtB 32

.48

28

.96

1

F F

1 rs tu
1543 11% 11%

244 1 13-18 1%

542 13% 1ft

524 81 80%

3576 19% 10*

401 3% 39-16

X3 16% 15%

156 35%

20 72
55 48%

93 16
25 4%

861 8%

1134 £1%

658 3ft
6 36
452 2T, 26%
X 26% X
200 10; •"
137 6';

5515 23%

36 ffl
66 21
155 19%

37 25
141 33%

185 43' 2
282 20* X

15 39 30;

543 50, 47*,

21 31 30,

31 20,- 23

1350 30% 20,
2096 47% 46%
278 2% 23-16

35%

71%

40.

17%

<%

9%

20%

37*.

35

19

0,

a*.

27*,

20%

1B3,

U' !

<3%

GTS
Galileo
G aroaB .10
Gencith
Gene,

GaFBY
GurtMs
GibsGs 35
G>gaTr
Gotaas
GouIdP .76
Grace 52
Giadco
Granite

GrptiO

GrphSc
GWSav .48r
GrSoFd
Giech

GuiHid .IDs
GflBdc 15c

HBO 30
HCC .06
Habers
Hoaco
Hadson
HamCHl ^0
HarpGs .26
HrrfNl 1.72
Hainws 3 0
Hawk B
H renin
Htmdyn
HchgAs .16
HcngBs .08
HeienT
Hell,

HemdF .92a
HibcrCp 1b
Hick am
Hosan
HmFAz
Honlnd .64
Horzlnd
HBMJ

HunuS .M
Knigin
HtagBs
Hybnc
Hyponx

250 14%

1610 10;

325 4ft

2647 12%

350 16%

1255 ft

586 22*.

407 231,

730 42% 40.

259 11% 0*

856 24% 231,

298 1%

2094 10*

IX 0,

733 30%

88 ft

387 21% 21’;

G G

1 ft 0;

26 17% -

35 5%

1140 75%

756 3

288 263,

37 7%

3296 23
92 13%

14%

1ft

16’*

ft

21%

23

" 7 '

11%

3*.

2ft

17

ft

74*;

ft

ffl%

ft

223,

13

297 18% 1ft

950 in,

320 24
627 13%

71 B%

29 14%

3958 73,

57 28%

69 10,

1838 2**3
67 16
19 %

H H

2089 1ft 11%
6ft~
36 12
114 5

713 4%

56 12

Ift

20 ,

10 ;

9

14

ft

271,

10

2ft

1ft

%

.a

4%

•%

11 %

.84

464

2ft

ffl

47?

3ft

38%

64

7*4

7

51

ft

4

X

1

1

598

ft

ft

ax

23*4

22*,

32

22%

20,

182

4%

4

S3

23%

20,

IX

37*.

3ft

366

21

20;

151

Tft

15%

2886

ft

04

152

343.

34%

106

X

32%

1264

5%

5%

638

39

37

21

32

31%

IBS

18%

C7J,

534

281,

27%

4464

30.

32%

500

1ft

15*4

AC

IMSe

15C

km

team ex

Inacmp

indiNs

intoRsc

Irrltm

krciMw

Mecm

migDv

(reel

tellSv

IrarTel

brtmd

IniriFlr .X

hwgptw

bHrmgn

Krtimc

haiuui

bnCim

iGteiw

kilKing

bitLsss

InMobd

B=US

Iomega

tsomdx

ual

I I

218 10, ft

30 1119 30* 36%

1101 1S% ' '

2990 11%

156 10;

110 6
64 40,

79* 28%

369 10;

135 a
3157 4%

10974 202
132 ft
1? 10,

9875 28%

346 5

7% — *,

1ft

1%

ift - =a
ai + %
ift + %

3% + M6
15% -
35%+ **
71% - %
48% + 1%
17%+ %
4%

»%- *4
51*4 +

373. + *4
38+3.

27%+ 7,
26% + 1
19
6%

23*.

28 * %
5E"’ 38

19*4

S:i

«%+%

X +1
50 +2%

31 + %
23% + %
M% + %

2 Sib -V16
14*4-

S l* H

IV; - %
IP,- «,
ft+ %
22%+ %
23% + 1
40,-0,
10% - 1%
24%+ %
19-16
11% - %

3% - %
2ft- '9
4%

2ft

ft

17*, - 1;

5

75

2 15-18 + Vl6
W,

ft + *4
2», - %
’ft + ’J

1B*j

17% + %

24 + %

10,- %

9 - %
14%+ %

ft - %
28*; + %

10 ■ %

X -1*4
IS),- *8

12 -

ft - *,
12

ft - %
4%

12 + %
26% -
3ft + '«

7% - %
4 %

1

ft

» ♦ %
20; + %
4% + 1-16
23%

371, + 1;
20 ; — 1 ;
16%

4"’

3ft - %
5%

37% - %

32

I7S, - %
271,

X%+ %
15% “ %

1ft
1ft

St

5ft
ffl
ift
25

Ift"

104
28
ft

271 1% 17-16

— 13

1S%

JBRSS

Jackpot

JacMJe

Jamwtr

JefMan

Jeiico

Jonlcbl

Jo s ph sn

Junes

JUBBfl

.16

.16

.40

KLA

KV Phr
Kamans 44
Karehr

207 10,

302 1ft
6370 40,

303 ft

168 17
21 7

526 1ft

238 ft

2316 25%

461 20%

253 1ft

57511016 ft
1433 1ft 15%
7 14% 14%

1184 10 ft

J J

199 10, 10%
268 ft

17 49
S3 2<%

75 ft

£+56 25
249 ft

34 r*

7 »%

355 18%

K K

816 24% 22%

280 8% 8%

369 24% 20,

TOO Ift 1ft

ft

1ft

6%

15’,

ft

34%

10

ft

481;

231,

ft

24*;

ft

7%

26*,

Ift

91, - %
86*, *
141; - 1
11%+ %

V

T'Z

M + %

2S/«+ 4*
ft %
20, + %

- 'a
104 +. %
28% - %
ft - '*
1% + 1-16
13% + %
18% + %
30,- %
6% %
1®, %

7

15*4 *4

ft

20,+ %
20,+
10*- %
13. + V16
IS*; - %
14V + .%

'l

10;

ft

48% * %
Zft is
6% •

243,

s»- :•

3+ i*
26% * %
1ft

23), - 1%

9 + %
23% 1
«% - % :

M

K ailw

Kaydon

Kemp

KyClILI

Kovm

KoyTm

Kimbrti

Kinder

Kroy

Kruger

Kutcke

%k* Kgk Law tow Daw
(Note)

319

52

180 1027
1 52

486
503
16

.06 1677
08 255

.36 636
2165

9% 9 9% ♦ %

10* 10, 10. - %
98% 96% 96% - 1

52

ft

51% 5ft - %
8% 0, *

10. 11 * 12% + i.

1), 2%+ h

1ft 10; 1ft + %
-• 0, 0 ? - 3 b

15% 15%

13% 13% - %

LDBmfc 665

LSI Log 2955
LTX 123

LaPems 389
LaZ By 1TO IX
LadFrs a TO I
Lakflw £0 IX
LamaT .X 169
Lancasi .72 217

Lanes

Lawsna .32
LeeOta
Leinor

LewtsP 3B0
L ox lens

i

L L

ft 73* ft + 3,
29*, 28% 2ft- %
15-% 15'+ 15% - %

»■ 19% 19% ♦ %

55% 55
20* 211,

Lnxidta

Liebri

LHnvo

LieCom

LIlyTuI

LlnBrd

101
62
777
3
165
341
86

.09 2711
34 1

2660
30 33?

2392

17
10, 13
X -

55%

22 + %
16% 16%- %
10; ♦ V
10 , 10 ;

47% 46% 47l;+ %
34 32f, 33%+ %

13% 13*

J

ft
13 - %

04

S%- %
1%+ %

2ft 2ft- : S

LmcTd . £X 146

Llndbrg .16 68

LlzCIa .35 128?

LongF 1 TO 115

LMUS 4852

Lynden 3

Lyphos 616

40. 40, 40,

9% 0. 0;+ %

19% 19 10.- 1*

371, 36% 36/.- %

37% 37
5*.

37%+ %
S 5

551, 5ft + %
29% 29%

MBI

MO

MIW

MPSte

MTS

MTV

MackTr

ModGE

MajRt

Malms

MgiScl

Manliw

Mtrslte

Marcus

Margin

Marqsi

MrldNS

Mscois

Massur

Maws

Uxxers

Max wot

MayPi

MayitOr

McCtm

McFarl

Medex

MedCte

Mentor

UeirtrG

MercBc

Merc as

MarBos

MrdBcs

MenBn

MeryG

Mcom

MarD

MicrMk

Mcrdy

MicrTc

Mictep

MicSira

MdPcA

MdStFd

UldlBk

MdwAir

MiUhbs

MiUicm

MHlipr

Mmlscr

Minster

MGaBk

MoblCB

Moemes

Uotedi

Mote*

MontCt

MonAnt

Moral it
MonuC
Murrsn
Moseley
My Ians

298

133X

56
ID

.24 78

858
689

£38 40

125

-01s 53

887
80 153

1-2* 278

-30 4

868
1®
1 503
432
1486

.10 162
297B
223
536
IX
.88 885

5

.05 ffl
624
829
2571
£10 79

.96 56

8

180 49*

.84 37

TO
728
239
35

.05 164

7541
3951
386
131

.40 56

1.24 1X1

804
.44 4304

57

.48 454

3161
2257
336
413
-6B 140

200
X 109
45e 86

ns

878
1 40x682
.48 50)

1861
.10 1789

24% 20, 2<% +3:
24% 24% 24% 1

1ft 10, 1ft + 3,
M M
ft 0*

13

10,

<%

26%

33%

. ft+

1ft 10*- %
~ ft - %
*%

26 - %
33%+ %

ft

4%

X
33

1M, 11% 11% + k
30% 30% 3ft- %
0, 9%

13% 13

13

ft" %

13%+ %
10, IS, - %
10, 18% 19

47 451, 4ft + 1

20*. X

ft ft

X

ft+ ’*

B%+ %
30, 39), - '4

24 2*% ♦ 1

1% 1 15- 16 - %
341, 3ft 3*7, - %
21% 20 * a 20% - 1%

14% 13% 10,+ %

“ ft 2’*+ %
4% 4%

37*, 37% - %
ft ft+ \

8% 0, + *4

ft ft -5-16
17% ift 1ft + 1
10, 10* 19 '*

46% 46% 46%+ %

41% 40), 41%

16 15 16 + *

47 4ft *6% - »•
2S% 36% 30; + %

10; 10* 16%

19% 18% 1ft %
3% 3% 3%

P,

5

0,

TO

»

2%

ft

4%

38

ft

0i

0,

ft

10;

10 ;

ft

3%

Mi,

43% «

0 , 0 *

27

ft

5ft 55

ft 0,
22 % 22
0; B%

«%+ %
5%

0 , 10 - %
13% ift
7% 73,

3% 3% +1-16

22% 27% - %
40, + %

-

2ft 2ft ~ *%
ft ft+ \
55% - %
ft+ %
2ft + 1;
8%

3

197

NCA Cp
NMS
Napcos
HBnTex 78 232

NdClys 1.50 358

NlCpire .20 872

NDatt 44 600

NHDCs . IBc 31
NtLiimb 27

NkUem S77

Nsugle tso

teelsnT 4

Matson 149

NwkSec 164

NmkSs 12684

Neuirgs 9

N BrunS 134

ME Bus 6d 28

WHmpB 80 IK

Njm 1.12b 21

NwldBk -ISe 633
Newpl .06 926
NwuPh 2847

MCalQ 266

Nike B 406582

No rum 68 4

NordBir 44 326

NrsKBs .221 156

Nresun 73

NAUte TO

westSv 1053

NwNG 152 569

NwNLl .80 3265
NwstPS £M 356
Noxgil 1.08 £73
N urn rax £46

MurttrUs .36 £66

NuMe* 861

Ocaaner IX

OciUas 423

OgiiQ) 1 08 x 147
Omeca 2 B0 538
OkJKm 1 10 rl
OldRps .74 420
OWSpffi "60 27

OraStp TO >43
OflLino 33

669 10>

13% 1ft ir* - '*
25% 24-% 25% + %

10. 9% 10

45 J4% 44%+ %

29% 28% 28%- %
18% 17% 171; - 1;

19 18% 1B%- %

35% 35% 35*;+ %
23% 2ft 2ft
6% 0, 6%

10, 1ft ’ft ~ %
N N
0 , 6 %

0,

4’, - %

10 % 10 , + %

1ft 19% 13%

3ft 39% 30i %

27% 26% 2TO, + 1

10, 18), 1ft- %

18% 10, 104 %

» * * A

2L»

6 4

ft

ft

4%

13% 13
35 34

ft

TO

4%

ft

5% *4

ft #
13% + *s
35+ 3 .
9%+

39

S'

40% 4(J%

30; 30, 30, + %
23% 22i, 22% 3,

»’* 19 19-1

10* 1ft 1ft %
1% 15-16 ft %

17% 17 17% + %

1B% 18% 190,+ %

563, 56', 56%

60 59% 60 + %

6% 0, 6% '|

8 % 8 % 8 %

21% 20% 21 %
1ft 10, 10* %

28% 27% 27/*- %
28% 28 2ft + +,
68 67% 68

8 + %
X

71,- H

Tft
71, 7*,

0 0

1% 1 11-16 1%

11 % 11 % 11 % “ %

48% 48 46%

88). 841, a0,+ 3,

37*; 37% 37*4 - %

TO'* TO% 4ft

22 21% 22 + *,

35* 37% 37% *,

10, 10 10 ■ 1..

Continued on Piaffe 37

i

f

i

• 7:'

Financial Times Thursday February 20:1888 : : - •

FINANCIAL TIMES

WORLD STOCK MARKETS

WALL STREET

Fed chief
puts brake
on rally

BUYERS backed away from Wall Street
yesterday alter comments on US Inter-
est rates and the dollar from Mr Paul
Volcker. Federal Reserve chief, and
Mr James Baker, Treasury Secretary,
writes Terry Byland in New York.

The four-day surge in stock prices was
broken despite further falls in US oil
prices. Selling in the stock market was
moderate, and losses in blue chips, trig-
gered by weakness in stock index
futures, were reduced at mid-session.
Bonds, however, could not sustain an at-
tempt to rally from early falls.

Towards the dose, when short-term,
interest rates were 12 basis points up,
selling increased in the stock market.
The Dow Jones industrial average ended
20.52 points down at 1,658.26, on heavy
turnover of 153.4m shares on the NYSE.

Mr Volcker's appearance before Con-
gress to deliver his annual Humphrey-
Hawkins reports was the focus of atten-
tion in the credit markets. His statement
that there had been no significant
change in Fed policy confirmed the
weaker start by bond prices, which re-
sponded to the disclosure of a sharp
jump in January housing starts.

Bond prices later steadied after Mr

Baker said there was no disagreement
on interest rates between the Treasury
and the Federal Reserve. But, with the
dollar also erratic, major institutions
kept out of Wail Street for the remain-
der of the session. Losses in the stock
market quickly lengthened although
blue chips suffered most

Mr Volcker's suggestion that the' dol-
lar had fallen far enough brought cau-
tious profit-taking in overseas-earning
stocks.

IBM ran into persistent selling, falling
$1% to $157 ft. Honeywell also weakened,
down $2% to S80ft, Du Pont crumbled by
Sift to $69% and General Electric lost $1
to $74%.

Mr Volcker's approval of the Gramm-
Rudman legislation was not unexpected.
General Dynamics lost $3% to $72, Unit-
ed Technologies $% to 552%, Boeing $%
to $48% and McDonnell Douglas 8% to
$78%.

Oil stocks suffered renewed losses as
US producers continued to cut offering
prices for crude. Exxon slipped 5% to
$5i%, Mobil 5ft to $28 and Atlantic Rich-
field $% to $51%.

Airline issues were mixed. While prof-
it-takers trimmed American, down $1 at
$51%, and Delta, down 5% at $45, North-
west Air continued to move up, adding
$Lft to $49ft.

The financial sector was chastened by
a sharp jump in short-term rates in the
wake of Mr Volcker's comments on Fed
policy. Chase Manhattan eased $% to
$38% and Citicorp $% to $49ft. Bankers
Trust banned by a federal court from
continuing its commercial paper opera-
tions, eased $% to $38%.

Financial Corporation of America, the
thrift sector leader which has been fa-

*V£MARKET monitors

W81 1982 1963 1984

STOCK MARKET MOKES

NEW YORK Feb 19 Previous Year ago

DJ Industrials 1 .658.26 1,678.56 1,280.59

DJ Transport 784.43 784.78 63220

DJ Utilities 1BZ.60 18327 150.39

S&P Composite 219.76 222.45 181.18

LONDON

FTOrd 1,235.1 1,234.3 981.3

FT-SE 100 1.4914 1,491.9 1.275.9

FT-A All-share 726.46 725.49 614.71

FT- A 500 799. IB 79620 672.70

FT Gold mines 326.3 3176 2972

FT-A Long gilt 10.19 1023 10.79

TOKYO

Nikkei 13,46665 13,43623 12,1566

Tokyo SE 1,072.64 1.074.6 947.18

AUSTRALIA

All Ord. 1.0496 1.047.1 795.4

Melais & Mins. 504.1 500.8 4666

1985

1988

CURRENOES

US DOLLAR

(London] Fob 19' PrevkxH
S -

DM 2.304 2243

Yon 17925 181.05

FFr 7.05 7.195

SFr 1.9055 1638

Guilder 26785 26485

Urn 1,555.5 16946

tUFr 466 4765

CS 12925 1.39575

STERLBM

Fob 19.' PrMoh
1.4505 1.428

32425 3245

2606 2586

10225 10275

2.765 2.7675

374 3.7825

225625 227625
686 68.45

26307 1695

AUSTRIA

Credit Aktien 114.90 114.64 65.

BELGIUM

Belgian SE 3.168 28 3.11824 2.178.55

CANADA

Toronto

Metals & Minis 2,155.3 2.163.2 2.140.0

Composite 2.7907 2.7816 2,609.7

IWtuitrtii

Portfolio 135.72 135.43 131.10

DENMARK

SE n/a 230 57 175.81

FRANCE

CAC Gen 302.6 2966 201.5

Ind Tendanco 1142 111.4 70.6

INTEREST RATES
Euro-currencies F «* 19

(3-month offered rate)

£ 12% 1 »•

art 3% 3%

DM 4*. 4%

FFr 15% . 14%

FT London In ter ba nk fixing
(offered rate)

3-month USS 8 8

6-month USS 8 8

US Fed Funds 7% 7 *%•

USS-mooth CDs 7.60 760

USSHnenMT-MRe 766 7.01

IIS BONDS

Treasury

Pile*

YWd Prtn

YWSI

8%

1988

lOOYn

8.05 1M”fa

7327

8%

1993

101

8.546 101 %t

8.492

8%

1996

101 '%j

8 £75 101 '%i

8343

9%

2016

103 "fa

8.905 ttOTfa

8.89

WEST GERMANY

FAZ-Aktmn

Commerzbank

HONG KONG

Hang Seng

ITALY

Banco Comm.

NETHERLANDS

ANP-C8S Gen
ANP-CBS Ind

NORWAY

Oslo SE

SINGAPORE

Straits Times

SOUTH AFRICA

jse Golds

JSE Industrials

SPAM

Madrid SE

SWEDEN

J&P

656.57

1,9770

649.48

1,9552

406.15

1.181.0

7,435.17

Tre ee ury Index

Feb 19

Maturity Return Day's YMd Day's

(yean) index change c h ange

1-30 14129 -0.02 860 +0.02

1-10 136.93 -0.05 829 +062

1- 3 130.70 -064 8.02 +0.03

3- 5 139.00 -069 867 +063

15-30 15662 +063 923 0

Source: Merritt Lynch

Corporate

Feb 19*

Prev

AT&T

Wee

Yield

Price

Yield

10% June 1990

100%

1022

100%

10.18

3% July 1990

87ft

7.30

87%

7.35

8% May 2000

93ft

9.60

93ft

9.60

Xerox

10% Mar 1993

105%

9.60

105%

9j55

Diamond Shamrock

10% May 1983

103ft

933

103%

988

Federated Dept Stores

10% May 2013

93ft

9.60

93ft

980

Abbot Lab

11S0 Feb 2013

1137*

1020

114

1025

Alcoa

12U Dec 2012

111ft

10.95

111%

1020

Sourca. Sabntat Brahera

Sw&sBank Ind dosed 567.8 418.4

WOMB Feb 18 Prav Year ago

MS Capita! Inf! 274.5 272.5 196.6

(London)

Silver (spot fixing)
Copper [cash)

Coffee (Mar)

Oil (spot Arabian Light)

Feb 19 Prev
413.95p 41 0.1 Op

£96860 £98460

£2,481.00 £2,42860
n/a n/a

London
Zurich
Paris (fixing)
Luxembourg
New York (Apr!)

GOLD (per ounce)

Fab 19 nm
$34225 S336.50
$341.50 $33725
S34568 5334.65
$34125 $332.75
xfl) $33960 $339.70

FINANCIAL FUTURES

CHICAGO Latest Kgk Low Plnev
US Troeeuqr Benda (CB1)

8% 32nds of 100%

Mar 88-06 89-00 87-26 88-18

US Treeeury BBIs (1MM)

Sim points of 100%

Mar 9365 93.15 83.03 83.17

CerUflcatae of Deport 0WR)

Sim paints of 100%

Mar 8269 92.42 9265 9247

LONDON

’ "‘“■f - rntti F umri n Bar
Sim points of 100%

Mar 92.08 9213 0264 92.12

SO-yeer HeHemd Qtt
£50,000 32nds of 100%

112-28 113-09 112-11 112-25

‘ latest BvutiOto figures

voured as interest rates have eased,
dipped $% to $13%. Federal National
Mortgage Association (Fannie Mae), al-
so a favourite interest rate stock, eased
S% to $31% In heavy trading.

Utility issues also suffered wide-
spread losses on interest rate factors.

Phibro-Salomon slipped $1% to $48%
following results. Aetna Life & Casualty,
which also disclosed trading figures,
jumped SI to $60%. Others responding to
trading statements included Interna-
tional Harvester, steady at $8%, Coca-
Cola, down $1% at $86ft, and Colgate-
Palmolive, $% off at $34.

Johnson & Jo hnson continued to dom-
inate the NYSE active stocks list, falling
51% to $48 as Wall Street assessed the
earnings implications of the withdrawal
of capsule containers in its over-the-
counter drug sales.

There was further support for Singer
Manufacturing’s disclosure that it might
shed its sewing machine interests. At
$46% the stock added a further $%.

In the credit markets Treasury bill
rates jumped 10 basis points after Mr
Volcker’s comments to Congress discou-
raged hopes of an early easing in Feder-
al Reserve credit policies. Bond prices -
were ft point up at best but turned off
again later to show minor net losses as
firmness in the dollar signalled doubts
over the next trend in interest rate.

TOKYO

Rising yen
spurs climb
to peaks

A SHIFT of speculative funds to domes-
tic demand-oriented issues boosted To-
kyo yesterday in record turnover, writes
Shigeo NishiwaJci of Jiji Press.

Investors bought consumption-related
issues such as department stores and su-
permarket chains. Large-capital stocks,
such as Tokyo Gas, Mitsubishi Heavy
Industries and Nippon Steel, also at-
tracted buyers.

The Nikkei average rose 30.42 to a
peak of 13,466.65. The volume of 744m
shares traded exceeded the previous
hi gh of 693m on Tuesday. Gains ex-
ceeded losses by 449 to 431, with 99 is-
sues unchanged.

With the yen surging up to 179 against
the dollar in the Tokyo foreign exchange
market, selective buying shifted to do-
mestic-demand stocks subject to smaller
exchange risks and stan ding to gain
from government measures .to bopsLdo-
mestic demand.

Consumption-related issues gained
ground in anticipation of an expansion
of consumer spending. Mitsukoshi
added Y15 to Y675, Isetan Y27 to Y807
and Seiyu Y80 to Yl,190.

On similar grounds, some food shares
were favoured, with Kirin Brewery firm-
ing Y27 to Y855 and Ajinomoto YBQ to
Y1.290.

On news that electric power compa-
nies are expected to invest the hulk of
their exchange gains from the yen’s
sharp appreciation in plant and equip-
ment, Takaoka Electric Manufacturing
climbed Y33 to Y518 and. Meidensha
Electric Manufacturing Y28 to Y503.' '

Renewed buying interest in public
works-related issues, sparked by
planned increases in public works
- spending in the forthcoming fiscal year,
drove Kajima up Y16 to Y536, Tekken
Construction Y31 to Y492 and Ohbayashi
Y14 to Y413.

Large private railway issues, which
had risen across the board on news of a
Cabinet decision to provide tax incen-
tives for shifts to four-track lines in ur-
ban areas, fell back on profit-taking.

Keisei Electric Railway shed Y10 to
Y420, Odakyu Electric Railway Y4 to
Y597 and Nishi-Nippon Railroad Y15 to
Y436.

Iseki, which had led the speculative
market, relinquished Y25 to Y425 and
Tsubakimoto Chain Yll to Y427.

Among favoured large-capital issues
Nippon Steel topped the list of most-ac-
tive stocks with 02 Jm shares traded. It
gained Y8 to Y268. Tokyo Gas ranked
second on the list with 566m shares
traded. It firmed Y9 to Y346. Mitsubishi
Heavy Industries also advanced Y18 to
Y379 in active trading.

Many institutional investors re-
mained out of the market. Nikko Securi-
ties said trust banks began buying
stocks in small lots, encouraging inves-
tors to seek large-capital issues.

CANADA

STRONGER industrials led Toronto
higher as investors consolidated gains of
the previous session.

Among actives Bell Canada traded
C$ft up to C$38 ft, Canadian Pacific
added C$% to C$1 6% and Triion Class A
was up C$% to C$27.

Among golds Campbell Red Lake
gained CSft to C$27 ft and Dome Mines
C$% to C$14ft while Lac Minerals traded
CSft lower to C$36%.

In Montreal all sectors, apart from
oils, were higher. .

SOUTH AFRICA

A STRONG recovery in the bullion price
sparked local buying interest in Johan-
nesburg.

Among golds Buffels added R1.75 to
R7225, FJS. Geduld a similar amount to
R70-50, and Driefontein 50 cents to
R54.50.

Mining financial Anglo American was
R1 up at R41. Other minings were also
higher, with diamond share De Beers
adding 55 cents to R18 and Rustenburg

Dlo^„ m .D1 OR 1XIO cn ■

EUROPE

Spotlight
fixed on
Brussels

THE SPOTLIGHT remained firmly oh
the Belgian market yesterday as the
rest of the European bourses turned
mixed. Italian profit-takers however fi-
nally marshalled their forces to end the
current record run.

Brussels put on one of its most im-
pressive displays with a large 50.04
jump in the Belgian Stock Exchange in-
dex to a fresh peak of 3,168.28.

The prospect of a cut in withholding
tax took centre stage, and the growing,
belief that the Government may have
settled on a 5 percentage point cut galva-'
nised sentiment

Broad gains were achieved although,
chemicals and holdings companies
again featured strongly on domestic buy
lists.

UCB sparkled with a BFr 190 jump to
BFr 8,300, another 12-month high, while
Solvay reversed some of the damage
sustained in the previous session with
its BFr 90 advance' to BFr 7,190, also a
fresh peak.

Among oils, market leader Fetrofina
continued its relentless advance with a
further BEY 10 rise to BEY 6,650, and Si-
dro put on BFr 25 to BFr 1,850. Cometra,
at BFr 2.800, added BFr 95.

Sodete Generate de Belgique, linked
to reports of a possible takeover of me-
tals group VIeille-M ontagne in the previ-
ous session, gained BFr 15 more to BFr
2,365.

Wagons-Lits, the tourism group asso-
ciated with, the trans-European Orient -
Express line; dazzled dealers with a
huge BFr $LQ rise to a record BFr 5,600.

Among foe' major utilities that have
underpinned a good portion of the pres-
ent bull run Intercom firmed BFr 85 to
BFY 3,510 while Unerg put on BFr 90 to
BFr 2,610.

Frankfurt finished foe day mixed al-
though early strength showed through
with a 21.8 gain in the mid-session calcu-
lation of foe Commerzbank index of
1,977.0.

Domestic and foreign profit-takers
mauled the technical recovery staged on
Tuesday while any good news, such as
Porsche's record profits, was seemingly
ignored.

The sports car group, which derives a
large portion of its sales and net income
from the US, was marked down DM 100
to DM L240. Suggestions that foe group
may launch a rights issues did little to
improve sentiment

. Banks were torn between the benefits
of a.lower dollar and foe possibility that
some oil-producing nations could default
on debt Deutsche Bank added DM 2 to
DM 772, and Commerzbank picked up
DM 1.30 with Dresdner DM 4 lower at
DM -386.

Lufthansa slumped DM 22 to DM 270
on reports, denied by foe airline, that it
had lost heavily because of unexecuted
foreign - currency options intended to
cover aircraft purchases from foe US.

De clining interest rates and a weaker
oil price buoyed Stockholm sharply
higher although attention continued''
firmly fixed on Ferments, in the wake of
Tuesdays’ dramatic fall. Yesterday’s SKr
57 plunge was no less dramatic as the
once meteoric biotechnology group fin-
ished at SKr 144.

Electrolux was the most active, how-
ever, with a SKr 3 rise to SKr 251 while
Asea advanced SKr 16 to SKr 356 on a
major commuter train order to Turkey.

Zurich turned cautious as institutions
became wary over the path of the dollar.

MILAN suffered a bout of profit-taking
as investors cashed In on impressive
gains over the past few days, writes Alan
Ftiedman in Milan.

Star performers such as Fiat, Gen-
erali and Olivetti all closed lower at the
end of session, although Montedison
gained 1122 to dose at L3J250.

The setback, which saw the Banca
Commerciale index down 7.42 at 527.52,
cftinB after a record on Tuesday. Aside '
from lower oil prices, the bourse has.
sustained the bull run which in 1985 saw .
the BQ index more than double be-
cause of improving corporate results
and the influence of new unit trusts
which continue pouring funds into the
market

The total market capitalisation of the
bourse is now close to $70bn, compared
with a market value of $28bn a year ago.
Beyond fundamental factors, the boom
is still explainable in part by tremen-
dous cash liquidity and a lack of new is-
sue supply.

Montedison's capitalisation, for ex-
ample, has jumped from Ll,728bn a year
ago, when its share prices was LL571, to
yesterday’s L3£75bn (S3L27bn), or 1^250
a share.

Fiat, a leading light of the exchange's
recent surge, fefl L13Q to closest L8450.
Profit-taking continued fri after-hours
trading when it touched U^N.

In the insurance sector Generali, Ita-
ly’s leading insurer and one of tite most
■ actively traded shares on foe. bourse,
suffered a 2 per cent drop in its price
(L180) to dose at L86.200.

Most banks eased, with Union Bank
bearer down SEY 20 to SFr 4^810.

Among firmer insurers Swiss Re bear-
er gained SEY 300 to SFr 15,000 while
Winterthur bearer dosed SFr 20 firmer
at SFr 5,020.

rending food group Nestle added SEY
25 to its bearer share at SFr 8,625 al-
though its registered stock retreated
SFr 20 to SEY 4,550.

Paris was inundated with bargain-
hunters, domestic and foreign alike.
German and Japanese investors were
evident in heavy buying inspired by a
wealth of encouraging corporate and na-
tional economic data.

Amsterdam continued lower, and Ma-
drid encountered another round of pe-
destrian trading.

LONDON

EARLY enthusiasm, sparked by- opiu-
mism on interest rates and: tax cuts,
took London higher at the begmmag_pf
yesterday’s session. However, profit-tak-
ing sapped some of foe momentum of
therise, and the FT Ordinary index, af-
ter fluctuating during the dayy closed vA.
up at 1,235.1. • .

Among actives Imperial Group fell 6p
to 308p on news that Hanson Trust, up
3 p to 150p, would not increase its bid. BL
added 2p to 63p in active trading.'Tha
British Government is negotiating to
■ sell parts of foe motor group, f '

Other actives included Bowafer Indus-
, tries, which, added 8p to 323p, Burton, up
4p to 258p, Exco International, to higher
at 218p. Gus A, which added: 7p to 890p#
and F&O Defd, which closed *4p up at
480p- BP lost 5p to 538p- '

Chief price changes. Page 37; -De-
. ta il* , Page 36; Shane information ser-

vice. Pages . 34^35 '■

AUSTRALIA

OVERNIGHT strength on Wafl Street
and in London, and a finher gold price,
boosted Sydney where the All Ordina-
ries index added 25 to L949.6.

Golds and base-metal mines fed much
of the advance, with Kidston adding 20
cents to SS5.60, Central Norsemen 26
cents to A$6UW and BdM 4 cents to
AS2.52,.

Lade df biiying support for BHP took
it 10 cents down to AS6.90. Bell Re-
sources, however, added 10 cents to
AS4JW while Bell Group was 20 cents up
at AS64&;

Among industrials Elders IXL added
15 cents to AS3.4? on speculation of. a
takeover, bid. , " '; % ..

HONGKONG V ;

PROFIT-TAKING, particularly in foe
property sector, took Hong Kong lower,
and the. Hang Seng index, shed 19.74 to
close at 1,751.67. [.

Among properties, which have shown
gains recently on expectations of strong
profit reports next month. Cheung Kong
lost 30 cents to HK S20-50, Hutchison
Whampoa 50 cents, to HKS27.20 and New
' World Developments TO cents ~ to
HKS6.45. .

Utilities were generally Tower, with
Hongkong and China Gas 20 cents down
at HK$ 13.80 and Hongkong Electric' 10
eents lower at HE58.85. However, China
Light and Hongkong Te lepho ne were
steady at HKS162D and HKS10JH). ••

SINGAPORE v V

RENEWED buying interest, particularly
in Malaysian-based .'issues and' short
covering was felt in Singapore where
foe -Straits.. Times industrial index rose
7.17 to 628.81:

. Among actives Sealion -Hotel, closed 8
cents up at 59 cents while Singapore Air-
lines continued its climb by adding 10
cents to SS6JH).

Banks' were - mixed, with: DBS and
OCBC steady at SS438 and SS7J20 re-
spectively, Malayan Banking up 4cftnts
to SS4JJ0 and Tat Lee down. 2 cents at
SS260.

INCREDIBLE

Germany^ old established
GOVERNMENT GUARANTEED State Lottery, the

NORDWESTDEUTSCHE KIASSENLOTTERIE

is offering you a great opportunity. Next lottery will start in April 1986 and will last for 6 mAn&a.

200,000 guaranteed winners out of only 500,000 ticketssold.

Incredible odds. ’Miore than every thud ticket a sure WINNER. Our total p ayout is more than

169 MILLION D-MARK

(exactly: DM 169,667,000..—)

cquiYaicuk w auuu ^/3 rnawn uj.twiiiHSjniagmc, wim every UUkci you t myynu jpar tifiptf

overnight. We have made many Millionaire s.

All prizes areTAX FREE iinGermany. Any prize amount will be paid immediately in any currencY
STRICTEST CONFIDENCE. Do not delay — Order your tickets) today from -your'
official accredited Lottery Agent; *

CHRISTIAN SCHIPPMANN, P.O. Box 70 15 69
2000 Hamburg 70, West Germany.

* US $ and £ prices are subject
to rate of exchange.

Men fariU • donee fadofing
me) pomp and wsmmt Ex after
odi No idditioBBl dtarges.

Please fill in number of tickets you want to order:

1/1 ticket® £217,— or US$335,— or DM738

1/2 ticket®. £112,- or US$172,— or DM378

1/4 tickets) £ 59,— or US$ 90,— or DM198

• ( »ji •»*

Mi* *

.: ? M

■